Chinese luxury e-commerce firm Secoo debuts on Nasdaq

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Chinese luxury e-commerce company Secoo Holding Limited on Friday rang the Nasdaq Stock Market opening bell in celebration of its initial public offering (IPO).

Secoo's IPO of 8,500,000 American depositary shares (ADS) priced at 13 US dollars per ADS, within the pricing range of 11.5 US dollars to 13.5 US dollars given by the company, for a total offering size of approximately 110.5 million US dollars.

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China's Securities Regulatory Commission (CSRC) has approved at least 30 companies’s IPO applications to date.

Under the current Chinese IPO system, new shares are subject to approval from the CSRC. China's IPOs are gradually switching from an approval-based system to a more market-oriented system.

Since suspending IPOs between July and November 2015, China has sought to normalize IPOs by giving approvals at a faster pace to raise financing efficiency and direct more money into the economy.

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By 2021, China will add 1.8 trillion US dollars in new consumption, according to a report by the Boston Consulting Group and AliResearch, a research arm of Chinese e-commerce giant Alibaba.

Online platforms are one of the fastest growing retail channels in China. The stocks of Alibaba and JD, two of Chinese largest e-commerce firms, have been trading around their record highs in recent days, despite the stagnant global consumer market.

With markets at new highs and recent IPOs performing well, the IPO in China'a market is opening up again.

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