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Tencent-Backed Online Broker Futu Rises in Trading Debut

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Futu Holdings Ltd., the online Chinese broker backed by Tencent Holdings Ltd., jumped as much as 46 percent after raising $90 million in its U.S. initial public offering.

The company sold 7.5 million American depositary shares at $12 each, after marketing them at $10 to $12. The shares opened Friday at $14.76 and closed up 28 percent to $15.32 in New York trading, giving the company a market value of $1.7 billion.