YY Climbs 7.7% on First Day of IPO

iMeigu, 11/22/12

YY Inc. (Nasdaq: YY), operator of Chinese voice-chat SNS platform YY and online game portal Duowan, saw its share price grow 7.7% in the company's first day of trading. YY's IPO price of USD 10.5 per share was at the bottom of the company's USD 10.5 to USD 12.5 target range. YY closed the day at a share price of USD 11.31, valuing the company at over USD 600 mln with a TTM P/E of 63.

YY CEO David Li (Li Xueling) announced today that the company is currently exploring possibilities in which its YY voice-chat service can be put to use in enterprise customer service call centers. According to Li, the majority of call centers use traditional hardwire telephone services. Li hopes to expand YY into the call center marketplace.

Editor's Note: The Government of Singapore Investment Corporation has taken a 500,000 share, or 6.4% stake, in YY.

Keywords: David Li Internet IPO SNS Duowan YY instant messaging call center strategy online gaming

Feedback

Sending

Disclaimer

The information contained in this newsletter is based upon sources that Marbridge Consulting believes to be reliable, and we have made every effort to translate the original articles or article excerpts as faithfully as possible. However, Marbridge Consulting makes no warranty of and assumes no legal responsibility for the accuracy of either the original source material or the English language translations.

Marbridge Daily