Lates News

Chinese internet insurance brokerage platform Yuanbao Limited Company made its debut on the New York market, with its American Depositary Shares (ADS) soaring 93% above its initial public offering (IPO) price. Yuanbao, headquartered in Beijing, saw its ADS rise to $28.99 on Wednesday before narrowing its gains. The stock was briefly halted twice due to price fluctuations shortly after opening. Yuanbao closed at $15.96, a 6.4% increase from its IPO price. Yuanbao raised $30 million in its IPO at a price of $15, which was at the upper end of the recommended range. Despite concerns about a slowing economy and sticky inflation in the US stock market, Yuanbao managed to have a successful listing.