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Meihua Jumps in First U.S. Debut by Chinese Firm Since Crackdown

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Medical device maker Meihua International Medical Technologies Co. rose 29% in its trading debut after the first U.S. initial public offering by a China-based company since the July regulatory backlash sparked by Didi Global Inc.’s listing.

Meihua’s shares, which sold for $10 in the IPO, closed at $12.92 Wednesday in New York trading, giving the company a market value of about $305 million based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission. The company had downsized its offering to 3.6 million shares, raising $36 million after marketing 5 million shares for $9 to $11 each.