Chinese social e-commerce platform Yunji made its Nasdaq trading debut on Friday. Its share price shot up by 28.64%, closing at USD 14.15.
Trading under the ticker symbol YJ, Yunji set its initial public offering (IPO) price at USD 11, the low end of its planned range, with Morgan Stanley, Credit Suisse, J.P. Morgan, and CICC serving as its underwriters.
The Hangzhou-based company, which was founded in 2015, had 6.1 million transacting members and a 93.6% repeat purchase rate in 2018.
Yunji uses a membership-based sales model that gives users discounts and commission for sharing product links with their social contacts. In May 2017, the company was fined RMB 9.6 million (USD 1.4 million) by the local market regulator in Hangzhou for running an online pyramid scheme.