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YY Jumps After First IPO by Chinese Company in 7 Months

YY Inc. gained in New York trading after the social network operator raised $81.9 million in the first initial public offering in the U.S. by a Chinese company in seven months.

American depositary receipts of Guangzhou, China-based YY, each representing 20 ordinary shares, climbed 7.7 percent to $11.31 in New York, after the IPO priced the ADRs at $10.50, the bottom of the company’s $10.50 to $12.50 target range. ADRs surged as much as 12 percent to $11.75 earlier.