Chinese social media company YY launches Nasdaq IPO

The online social media platform provider is set to become the first Chinese company to list in the US since March, with a plan to raise up to $97.5 million.

YY, the provider of a communication social platform that engages users in real-time online group activities through voice, text and video, kicked off the roadshow yesterday for a US initial public offering. It is aiming to raise between $81.9 million and $97.5 million.

If successful, YY will be the first Chinese company to list in the US since Vipshop Holdings’ $72 million IPO in March, according to Dealogic. The online discount retailer listed on the New York Stock Exchange and is the only Chinese issuer to complete an IPO in the US so far this year. It currently trades about 69% above its IPO price of $6.50, after...

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