The company, a consumer Internet platform that allows users to access and manage digital media in China, priced its initial public offering of 7.315 million American Depositary Shares at $12 per ADS, just above the expected price range of $9 to $11.
The stock opened at $14.21 and hit a high of $15.55 for the day as of 11:49 a.m., by which point more than 7.1 million shares had changed hands. The stock was up 24.83% to $14.98 at that time.
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