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China's Qutoutiao stock rockets in public debut to more than double its IPO price

Shares of China-based cell content aggregator Qutoutiao Inc. QTT, +128.14% soared in their public debut, after the preliminary public providing priced at $7. The first trade of the U.S.-listed shares used to be at $9.10, or 17% above the IPO value, at 11:45 a.m. ET. The have rocketed since to more than double the IPO value at $14.90. The corporate offered 12 million shares within the IPO to boost $84 million. The corporate went public at a time that the Renaissance IPO ETF IPO, -Zero.07% has slipped 2.2% over the last 3 months and the S&P 500 SPX, +Zero.03% has gained 4.2%.

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