Dragon Victory International Limited (NASDAQ: LYL), a company that offers reward-based crowdfunding opportunities and quality incubation services to entrepreneurs in China, had its first day of trading on NASDAQ on Friday. Shares of the company surged more than 80% after the IPO.
The company announced details regarding its initial public offering back on September 18th. LYL’s IPO is structured of 1,421,394 ordinary shares at a price to the public of $6.00 per share for a total of $8,528,363 in gross proceeds before expenses, underwriting discount and commissions.
There have been several successful IPOs coming from China in recent years, including such giants as Alibaba Group Holding Ltd (NYSE: BABA), Yirendai Ltd (NYSE: YRD), China Rapid Finance Ltd (NYSE: XRF), and Qudian Inc (NYSE: QD), which had its IPO earlier this week.
“Listing on The NASDAQ Capital Market is a significant milestone for our Company and our shareholders, as well as our clients,” stated Mr. Yu Han, Chairman and Chief Executive Officer of Dragon Victory. “We have accomplished a great deal to qualify for this prestigious opportunity to trade on NASDAQ, and it allows more investors to consider holding LYL shares in their portfolios. We believe listing on NASDAQ will improve the Company’s brand awareness, increase transparency through our regulatory disclosures, and ultimately position Dragon Victory for long-term, profitable growth."