Weibo (Nasdaq: WB), the Chinese Social Media platform that launched in 2009, began trading publicly on April 17, 2014. As the first listed company in Chinese Social Media industry, Weibo has had excellent performance among IPOs. Due to the current overall downturn of Nasdaq, most Chinese stocks listed in April edged lower. Weibo priced its IPO at $17 a share and cut its number of shares to 16.8million, which are all in the low end of its expected range. However, as the trading started on 18th, Weibo’s share price increased from $17 to $18.25 per share in two minutes after the market opened, and at the highest it reached $24.48 per share (Nasdaq.com).
Before Weibo offered its shares, the Nasdaq Index had already fallen by 3.08%, which was the largest fall in the past two years, with most of the decile in technology stocks. Both Google (Nasdaq:GOOG) and Facebook(Nasdaq: FB) were still in decline.
The performance in its first day of trading made Weibo the only stock that rose over 40% since last month. The rising price of shares and increasing trading volume shows the confidence to Weib on the U.S. capital market.