NEW YORK -- China's Futu Holdings, an online stock brokerage backed by Tencent Holdings, wrapped up its first trading day on the Nasdaq on Friday at 27.67% above its initial offering price, reaching a roughly $1.7 billion market valuation in what is seen as the year's first major Chinese listing in the U.S.
Investors' fervor despite the ongoing Sino-American trade war was shared by Connecticut-based private-equity firm General Atlantic, which swooped in at the last minute for a $70 million deal with Futu ahead of the initial public offering.
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