China’s YY raises $81.9 million from Nasdaq IPO

The social network draws strong demand to become only the second Chinese company to list in the US this year.
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YY users create virtual hangouts for concerts and other activities
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<div style="text-align: left;"> YY users create virtual hangouts for concerts and other activities </div>

YY, a video-based Chinese social network, has raised $81.9 million from its US initial public offering, after fixing the price at the bottom of the indicative range.

Last year’s accounting scandals have damaged the reputation of Chinese companies in the US market, but YY successfully countered the negative sentiment to become the first Chinese company to list in the US since Vipshop Holdings’ $72 million IPO on the New York Stock Exchange in March, according to Dealogic.

No other Chinese companies have completed an IPO in the US so far this year.

The deal attracted robust demand, which led the book to...

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