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Investors Love Chinese Tech Stocks

  • X Financial more than doubles in early New York trading
  • Volatile debut follows surges after IPOs of Qutoutiao, NIO
Inside the World Robot Conference
Photographer: Giulia Marchi/Bloomberg
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Peer-to-peer online lender X Financial soared on its first day of New York trading, adding to a string of frenzied U.S. debuts by Chinese technology companies.

The company, based in the southern Chinese city of Shenzhen, more than doubled in early U.S. trading Wednesday. It later pared its gains to end the day 26 percent higher at $11.97. The company had raised $104.5 million after pricing its IPO at $9.50 per American depositary share, toward the bottom of the marketed range of $9 to $11.