Shares of China's soar 17 pct in market debut

Thu May 22, 2014 11:10am EDT

May 22 (Reuters) - Shares of, China's second-largest e-commerce company after Alibaba Group Holding Ltd, rose as much as 17.2 percent in their market debut on Thursday, valuing the company at about $30.43 billion.'s debut - the biggest listing of a Chinese company on a U.S. exchange - is being closely watched for clues on how Wall Street will greet Alibaba's IPO later this year.

Alibaba's IPO is expected to be the biggest by a tech company in history.'s offering of American Depositary Shares raised $1.78 billion after being priced at $19 each, above the expected range of $16 to $18.

The company's shares touched a high of $22.26 after opening at $21.75 on the Nasdaq., which has yet to make a profit, is backed by Saudi billionaire Prince Alwaleed bin Talal's Kingdom Holding Co .

BofA Merrill Lynch and UBS Investment Bank were the lead underwriters of the offering. (Reporting by Tanya Agrawal in Bangalore; Editing by Ted Kerr)

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