China-based Qutoutiao Inc. QTT is a news recommendation application that produces aggregate articles and short entertainment videos from an array of freelancers and professionals. The platform is known for having customizable features for its users to find the best and most pertinent entertainment.
What Happened
On Friday, Qutoutiao announced an initial public offering priced at $7 per share. In its first day on the Nasdaq, the company sold 12 million shares to raise about $84 million.
Roughly an hour after the initial public offering, Qutoutiao shares doubled.
The stock was trading up 152.71 percent to $17.69 at the time of publication Friday afternoon.
Why It’s Important
Qutoutiao is not the only Chinese company to experience extreme volatility this week. Electric car company Nio Inc. NIO
demonstrated erratic stock performance Friday with shares rising over 90 percent. The stock was trading down 9.65 percent at the time of publication.
Stocks of other Chinese companies, like Momo Inc. MOMO, SINA Corporation SINA and 58.com Inc. WUBA have been strong throughout the week.
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