Shares in Futu Holdings, a digital brokerage services provider backed by China Internet heavyweight Tencent, soared by 28% on their debut on the Nasdaq on Friday. Tencent's own music arm, Tencent Music Entertainment, went public in New York in December at $13 a share and closed at $17.12 on Friday. Futu’s CEO Leaf Li holds about a 45% stake that was worth more than $750 million on Friday; Tencent owns about a 34% stake. Li previously held several senior management roles at Tencent, including the head of Tencent’s multi-media business and its innovation center. Li joined Tencent in 2000 and was the 18th founding employee of Tencent, according to the company’s website.

Source: Forbes March 11, 2019 05:37 UTC