Strong US debut for Chinese budget hotel group

Shares in China Lodging Group gain 13.6% after the company prices its $110 million offering at the top of the range.

Budget hotel operator China Lodging Group rallied as much as 26.5% in its Nasdaq trading debut on Friday before settling 13.6% higher at $13.92. Demand was robust during the bookbuild for the initial public offering, but the strong debut suggests that it was probably the right call not to price above the initial range. According to a source, there were discussions about whether to do this so that the company might raise a bit of extra cash, but in the...

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