Tencent-backed Qutoutiao more than doubles in US trading debut

Tencent-backed Qutoutiao more than doubles in US trading debut

Pedestrians walk along an elevated walkway in the Lujiazui Financial District in Shanghai, China, on Monday, Sept. 4, 2017. Photographer: Bloomberg/Bloomberg

Qutoutiao Inc., the Chinese news and video aggregation app backed by Tencent Holdings Ltd., more than doubled in its U.S. trading debut after pricing its shares below range in a downsized IPO.

Qutoutiao closed up 128 percent at $15.97 after almost tripling earlier Friday, giving it the biggest first-day increase of a significant U.S.-listed IPO this year. The stock’s volatile early trading triggered four halts when the price surged in the first half hour after it opened. About 17 million shares changed hands Friday, according to data compiled by Bloomberg.

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