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Hong Kong’s GigaCloud Technology Climbs 28% in Nasdaq Debut

  • company raised $36 million in US offering
  • Asian issuers return to US despite audit spat, delisting woes
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GigaCloud Technology Inc., a Hong Kong-based online marketplace provider, surged 28% in its debut on Thursday, joining a string of smaller companies from Asia that are still tapping the US market to sell shares in spite of a crackdown from regulators in Washington and Beijing.

GigaCloud opened at $19.20 at the Nasdaq in New York, up 57% from its original offer price of $12.25 per share, raising $36 million. It pared some of the earlier gains to close at $15.69. E-commerce giant Inc. owns a 12% stake in the business-to-business trading platform specializing in merchandise for the furniture sector.