Economics
Chinese IPO Drought in New York Ends as Tarena Advances
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Tarena International Inc., the first Chinese company to debut in New York this year, rallied as investors bet the provider of education services will benefit from economic growth that’s the fastest in Asia.
The stock rose as much as 20 percent to $10.80 in its first day of trading on the Nasdaq Stock Market after the company raised $138 million at $9 a piece. Tarena closed at $9.06 in New York. The Bloomberg index of the most-traded Chinese stocks in the U.S. dropped 1.4 percent, the biggest decline in three weeks, as YY Inc., owner of a social entertainment website, tumbled 7.1 percent.