China's YY Inc increases on its NASDAQ debut

NEW YORK - Chinese social platform company YY Inc made its initial offerings (IPO) on Wednesday, rising 7.71 percent to close at $11.31 per share.

YY, a revolutionary rich communication social platform that engages users in real-time online group activities through voice, text and video, priced 7.8 million American depositary shares at $10.50 per share under the ticker of "YY".

Shortly after opening, the stock hit $11.75 per share, the highest level in first day's trading.

The company's client has attracted 400.5 million registered user accounts as of Sept 30, 2012.

This IPO was the first time for Chinese company going to the US market in eight months, after Vipshop, China's leading flash sales website was listed in the New York Stock Exchange in March 23, 2012.