Jiayuan.com's shares fall on 1st trading day
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China's leading dating website Jiayuan.com saw its shares fall on its first day of trading at the Nasdaq stock exchange.
Based in Beijing, Jiayuan.com sold 7.1 million shares at US$11 per share, the midpoint of its expected range of US$10 to 12.
According to Jiayuan.com, the US$78.1-million funds raised in its initial public offering (IPO) will be used to expand its presence in second-tier and third-tier cities.
"We'll also increase our investment in product research and development, providing better experiences for web users," said Haiyan Gong, founder and chief executive officer of Jiayuan.com.
According to iResearch, Jiayuan.com ranked first and accounted for a 44-percent share of the total money spent in China's online dating market in 2010.
Bank of America and Citigroup are the lead underwriters of Jiayuan.com share offering. Shares of Jiayuan.com closed at US$10.52 per share, down 4.36 percent from its IPO price.
Last week, Renren.com and NetQin Mobile Inc. had just landed on the New York Stock Exchange (NYSE). Renren.com saw its shares surging 28.6 percent in Wednesday's debut, while shares of NetQin tumbled more than 13%, marking the worst first-day performance of any initial public offering (IPO) so far this year in the U.S.
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