Dada Nexus (DADA) went public after being listed on Nasdaq with a share opening price of . During the IPO celebration, CEO Philip Kuai said that the company welcomes better auditing and regulation of the stock market.After filling to raise 4 million from the sale of ADSs at the beginning of the month, Chinese grocery delivery company, Dada Nexus Ltd (NASDAQ: DADA) was successfully listed on Nasdaq last Friday. The Walmart Inc (NYSE: WMT) affiliated company is confident to continue with its business despite the shaky U.S.-China trade relations.With a valuation of .5 billion, the company is eyeing to capture the large U.S. public capital to grow its business despite the continued cash burn. According to Kuai, the U.S.-China trade tension is temporary and the future remains very
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Dada Nexus (DADA) went public after being listed on Nasdaq with a share opening price of $16. During the IPO celebration, CEO Philip Kuai said that the company welcomes better auditing and regulation of the stock market.
After filling to raise $264 million from the sale of ADSs at the beginning of the month, Chinese grocery delivery company, Dada Nexus Ltd (NASDAQ: DADA) was successfully listed on Nasdaq last Friday. The Walmart Inc (NYSE: WMT) affiliated company is confident to continue with its business despite the shaky U.S.-China trade relations.
With a valuation of $3.5 billion, the company is eyeing to capture the large U.S. public capital to grow its business despite the continued cash burn. According to Kuai, the U.S.-China trade tension is temporary and the future remains very bright.
However, the company is calling for better auditing and also stock market regulations to protect the interest of all parties. However, on the side of the U.S. policymakers, there stands a possibility of delisting Chinese companies from the American stock exchanges.
As a result, several Chinese companies are seeking secondary backups in Hong Kong-based stock exchanges. It is a supremacy battle that might lockout companies with possibilities of huge investment returns.
Dada Nexus on the Right Path with Its Nasdaq Listing
However, Dada Nexus investors have substantial trust with the company as the top executives from Nasdaq welcomed the listing. “There is absolutely no doubt that Dada has pioneered the evolution of mobile-on-demand service in China, and you are so well-positioned for future growth and success,” said Nasdaq President Nelson Griggs. “We look forward to supporting your continued growth as a Nasdaq-listed company for many years to come,” he concluded.
On the other hand, according to senior vice president of Walmart China Zhiyu Chen, Dada Nexus IPO and Nasdaq listing are a major up for the company. “We are excited to participate in today’s listing and see compelling opportunities for Dada to further expand and execute on its accelerated growth strategy,” Chen said in a statement.
With almost ten Chinese companies listed in the U.S. stock market exchanges this year and four more waiting to be listed, analysts say that most of them are underrated. “Chinese companies appear to be underrated, based on recent filing activity,” said Mathew Kennedy who is a senior IPO market strategist at Renaissance Capital.
Investors are betting on the DADA shares to deliver as the company enjoys increased sales amid the coronavirus outbreak. However, Dada Nexus is still operating on loss despite the rise in net revenue in the past few years.
Last year, it reported an operating loss of $247 million whereas the net revenue rose by over 60% in the same period.
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