China is making its presence felt on Wall Street, with three companies among the major forerunners to this year's massive US market initial public offering.
Based on a report by IPO agency Renaissance Capital, four companies joined the New York stock exchange, with three issuers coming from China, and an American mortgage firm.
Opening the bell to celebrate its debut listing in the New York Stock Exchange 2020 trading was premier Chinese apartment rental service company Phoenix Tree Holdings.
Trading under the stock symbol "DNK," Phoenix Tree disclosed an initial public bid of 9.6 million American Depositary Shares at a public price of $13.5 per share. DNK ended the session slightly unchanged, on Friday.
The Beijing-headquartered company was founded in 2015 and adopts a business model that involves centralization, standardization and online connectivity.
As of September 30, 2019, the company had developed and maintained operations in 13 key cities across China, becoming one of the country's largest co-living and fast-growing sites, the company said, citing consulting firm iResearch, its prospectus.
Danke Apartment chief executive officer Gao Jing told Xinhua News that the residential rental market in mainland China is huge and at a very rapid pace, offering his start-up business tremendous opportunities.
Calling the startup's debut on the NYSE "a milestone," Gao also projects the listing to help build the image of the company and attract more investors.
Marco Lai, founder and chief executive officer of LIZHI, an interactive Chinese podcast platform for user-generated content, told Xinhua that they have finally made the listing "after a long time of preparation."
Lai's startup, trading under the stock symbol "LIZI," was up 5.73 percent to settle at $11.63 per share on Friday.
The Guangzhou-based company, established in 2010, rolled out the Lizhi App in 2013 to allow users to share their experiences on mobile gadgets and other platforms with the help of intuitive recording, and to reach their audience through different types of tools and methods.
I-Mab, a clinical-stage biopharmaceutical firm based out of China, also listed on the NASDAQ on Friday. The company announced its bid of around 7.4 million ADS at $14 a share. Trading under the "IMAB" ticker, the stock opened on a positive note as it wrapped up the day's session.
In recent years the number of Chinese companies joining the US stock exchanges has grown. As of Friday, the S&P US Listed China 50 Index, designed to monitor the performance of the 50 biggest companies from China, stood at 3,418.51, indicating a year- to-date gain of 7.93 percent.
