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.
