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BUSINESS & TECH

E-Commerce IPO Fizzles as Fintechs Line Up at Gate

By Yang Ge and Chen Mengfan
Luxury goods e-commerce site Secoo lost money in 2015 and 2016, but recorded a profit of 52.3 million yuan ($7.9 million) in the first half of this year. Photo: Visual China
Luxury goods e-commerce site Secoo lost money in 2015 and 2016, but recorded a profit of 52.3 million yuan ($7.9 million) in the first half of this year. Photo: Visual China

A third New York IPO by a Chinese company last week tumbled on its debut as the trio of firms kicked off a wave of new offshore listings by Chinese high-tech firms set to occur this fall.

The initial public offering (IPO) by Secoo Holding Ltd., a luxury goods e-commerce specialist, raised $110 million after pricing at $13 per American Depositary Share (ADS) on Friday, according to a company announcement. But the shares plunged 23% in their debut, ending their first day at $10 in trading on the Nasdaq.

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