US investors have eagerly snapped up newly-listed shares of an Alibaba-backed Chinese tech company that started its life as an app that helped Chinese singles (or not-so-singles) flirt with others nearby them.
Shares of Momo rose 20 per cent on the Nasdaq on Thursday, valuing the company at more than $3bn, after a roadshow that resulted in an over-subscribed book, said its chief financial officer Jonathan Xiaosong Zhang.
The company faced a last-minute crisis before its IPO, as the former employer of its founder accused him of stealing technology when he left to found Momo, Sarah Mishkin reports in San Francisco.
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