99 Wuxian Shares Are Up 12.5% After Its First Day On The ASX

Shares in Chinese m-commerce company 99 Wuxian (NNW) closed up 12.5% at $0.45 after its debut on the ASX this morning.

The Australian listing aimed to raise $20 million to pay for a deal with Chinese mobile payment provider HandPay, according to its IPO prospectus.

Chairman Ross Benson said the IPO was oversubscribed, with the company choosing to list on the ASX to tap into a “very strong local demand to participate in China”.

99 Wuxian shares were offered at $0.40, and reached a high of $0.60 today.

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