Agence France-PresseApril 17, 2014 13:54
Shares of Sina Weibo, China's answer to Twitter, jumped more than 10 percent in initial trade Thursday after an undersubscribed initial public offering.
Ten minutes into trade the shares topped $19, compared with the $17 IPO price.
Weibo's parent, the Chinese Internet giant Sina Corp, sought to raise as much as $380 million listing the subsidiary on the Nasdaq exchange, but only pulled in $286 million as it ran into a market jittery over both tech and Chinese company shares.
But retail buyers jumped on the shares despite a weak market overall.