Shares of China's YY Inc. Rise in U.S. Trading Debut
Social-media platform YY got a warm reception in its trading debut overnight.
It represents a vote of confidence for Chinese companies looking to list in the US.
YY's American depositary shares opened flat on the Nasdaq but soon surged higher, closing up nearly 8 percent to $11.31.
Chief Executive David Xueling Li said that rather than to list in Hong Kong or Singapore, YY tapped the Nasdaq because the company's platform has what he calls "global implications".
He adds this will help them go into broader markets.