Deals
Tencent-Backed Qutoutiao Doubles in Frenzied Trading Debut
- ‘Fun Headlines’ news aggregator rises as much as 191 percent
- Downsized, bottom-range IPO leads to biggest first-day rise
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Qutoutiao Inc., the Chinese news and video aggregation app backed by Tencent Holdings Ltd., more than doubled in its U.S. trading debut after pricing its shares below range in a downsized IPO.
Qutoutiao closed up 128 percent at $15.97 after almost tripling earlier Friday, giving it the biggest first-day increase of a significant U.S.-listed IPO this year. The stock’s volatile early trading triggered four halts when the price surged in the first half hour after it opened. About 17 million shares changed hands Friday, according to data compiled by Bloomberg.