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China tech

E-commerce upstart Yunji shines in downsized Nasdaq IPO

Member-based platform sees Alibaba and, not Pinduoduo, as the competition

A digital billboard in Times Square shows an ad celebrating Yunji's debut on the Nasdaq Stock market on May 3. (Photo by Alex Fang)

NEW YORK -- Chinese social commerce company Yunji surged Friday on Nasdaq after a $121 million initial public offering as it seeks growth in the country's increasingly saturated e-commerce market.

The stock closed at $14.15 on the first day of trading, 29% higher than the IPO price, after opening at $13.42.

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