Qunar jumps 89% on US debut

Listing success of Chinese travel site is further evidence of investors’ increasing confidence in such listings from mainland groups.
Baidu, the Chinese search engine, invested $306 million in Qunar in July 2011.
Baidu, the Chinese search engine, invested $306 million in Qunar in July 2011.

Chinese travel site Qunar on Friday surged 89% on its US stock market debut, further evidence of investors’ increasing  confidence in such listings from mainland groups.

The offering of 11.1 million American Depository Shares by Qunar was priced at $15, about 7% above the high end of price guidance of $12-$14, which had been increased from $9.5-$11.5.

Qunar’s shares closed at $28.4 on the Nasdaq stock exchange.

The listing came one day after that of online classified website 58.com, which also set the final pricing beyond the revised range and enjoyed a 42% increase on the first trading day.

Investors...

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