Market Overview

Qutoutiao Shares Double After IPO

Qutoutiao Shares Double After IPO

China-based Qutoutiao Inc. (NASDAQ: QTT) is a news recommendation application that produces aggregate articles and short entertainment videos from an array of freelancers and professionals. The platform is known for having customizable features for its users to find the best and most pertinent entertainment.

What Happened

On Friday, Qutoutiao announced an initial public offering priced at $7 per share. In its first day on the Nasdaq, the company sold 12 million shares to raise about $84 million.

Roughly an hour after the initial public offering, Qutoutiao shares doubled.

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The stock was trading up 152.71 percent to $17.69 at the time of publication Friday afternoon. 

Why It’s Important

Qutoutiao is not the only Chinese company to experience extreme volatility this week. Electric car company Nio Inc. (NYSE: NIO)

demonstrated erratic stock performance Friday  with shares rising over 90 percent. The stock was trading down 9.65 percent at the time of publication. 

Stocks of other Chinese companies, like Momo Inc. (NASDAQ: MOMO), SINA Corporation (NASDAQ: SINA) and Inc. (NYSE: WUBA) have been strong throughout the week.

Related Links:

Nio On Roller Coaster Since IPO

Trump: $267B More In Chinese Tariffs 'Ready To Go'

Posted-In: Chinese Companies IPO VolatilityNews Emerging Markets IPOs Markets Movers Best of Benzinga


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