Livestreaming platform Inke debuts on HK market

Chinese livestreaming platform Inke made a rosy start on its first day of trading on Thursday in Hong Kong by debuting higher than its offering price.

The move came right after Huya Inc, another livestreaming platform for games, went for an initial public offering on the Nasdaq Stock Market in the US earlier this year.

The Beijing-based company's stock opened 12.21 percent higher at HK$4.32 ($0.5) and closed at HK$4.26.

Trading under the stock code 3700, the company priced its IPO at HK$3.85 per share to raise HK$1.05 billion.

"As a leading livestreaming platform in the field, we believe that investors will look highly upon Inke's market potential and outlook," said Feng Yousheng, founder and CEO of Inke.

Inke said that 20 percent of the proceeds from the IPO will be used to bolster its research and development ability, especially in big data and artificial intelligence.

Another 30 percent will be used for marketing and increasing users. Up to 20 percent will be taken to expand and enrich the company's businesses.

Inke, as one of the earlier entrants to the Chinese livestreaming sector, has attracted a monthly user base of 22.69 million in 2017.

Most of its revenue comes from livestreaming business, where users will buy virtual currency and items.

The latest data from the company showed that it had generated 3.94 billion yuan in revenue last year.