Is the stock of an online platform telling e-commerce shoppers what to spend their money on worth buying?

Some investors think so.

Shenme Zhidemai (“What’s Worth Buying”), a community platform where buyers share their favorite products and e-commerce sites, on Monday impressed many investors during its debut on China’s enterprise-focused ChiNext board.

With an IPO price of 28.42 yuan ($4.13), Zhidemai’s stock quickly surged 44% — the daily limit for a newly listed ChiNext stock to rise or fall — to 40.42 yuan, less than an hour after trading started. The strong performance remained until market close.

Started a decade ago as a blog site where techies discuss digital devices, Zhidemai’s 2018 net profit was roughly 100 million yuan, according to a company filing.

However, some doubt whether Zhidemai’s business model is sustainable, as it largely relies on e-commerce giants to generate commission revenues. According to the company’s prospectus, commission fees received in return for directing users to Alibaba, JD.com, and Amazon accounted for 77.38%, 81.56%, and 85.35% of Zhidemai’s total marketing and commission revenues in 2016, 2017, and 2018, respectively.

Zhidemai’s stock price surged 10% Tuesday — the limit ChiNext allows daily after a debut.

Contact reporter Zhao Runhua (runhuazhao@caixin.com)

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