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Finance

No bitterness: Chinese company raises $500m in US despite Luckin

Market welcomes Xiaomi-backed Kingsoft Cloud, but Sen. Rubio tweets objection

Nasdaq billboard above an empty Times Square welcomes Kingsoft Cloud, the Xiaomi-backed Chinese cloud service provider that went public Friday. (Photo courtesy of Nasdaq)

NEW YORK -- The first major Chinese company to go public in the U.S. since the Luckin Coffee accounting scandal debuted with a pop on Friday, delivering a shot of comfort to those anxiously watching for any fallout on investor appetite toward the country's high-growth businesses.

Kingsoft Cloud Holdings, a cloud service provider backed by China's Xiaomi, the world's fourth-largest smartphone maker, closed its first day of trading on Nasdaq at $23.84, 40.24% higher than its initial public offering price at $17.00. It raised $510 million in the IPO.

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