NEWS BRIEF: YXT.com shares sink in Nasdaq trading debut
Shares of YXT.com Group Holding Ltd. (YXT.US) sank 8.9% in their U.S. trading debut on Friday after pricing at the bottom of their range. The provider of corporate education services priced its American Depositary Shares (ADS) at $11, after previously setting a range of $11 to $13. The stock ended its first trading day at $10.02.
YXT raised about $25 million by selling 2.27 million ADSs, short of its previous goal of raising $36 million. The company’s revenue fell slightly from 431 million yuan ($69 million) in 2022 to 424 million yuan last year. The declines continued this year, as the company’s revenue skidded 33% to 83.2 million in the first quarter from 122.2 million yuan a year earlier.
By Doug Young
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