Shares in Momo (MOMO.NYSE), a Chinese social media site backed by Alibaba (BABA.NYSE), rose 26% on the company’s first day of trading, Bloomberg reported. The shares jumped to $17.02 on Thursday after they were sold for $13.50. The company, which generates most of its sales through membership subscription fees, reported having 60.2 million monthly active users at the end of September. Having now raised US$216 million, Momo also plans a private placement to shareholder Alibaba of US$50 million, as well as US$10 million to Chinese advertisement website 58.com.
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