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China’s Phoenix Tree Flat in Debut as U.S. Listings Restart (1)

Jan. 17, 2020, 9:54 PM

Phoenix Tree Holdings Ltd., the largest of four companies making their U.S. trading debuts Friday, ended its opening session unchanged after shrinking its offering and pricing its shares below a targeted range.

The Chinese e-commerce company’s American depositary shares closed Friday at $13.50, the same price as in its initial public offering on Thursday. Phoenix Tree, which operates the co-living platform Danke Apartment, sold 9.6 million shares to raise about $130 million Thursday after marketing 10.6 million for $14.50 to $16.50.

Phoenix Tree’s debut and initial public offerings by three other companies -- two of them based in...

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