Online discount retailer Vishop Holdings (VIPS.NYSE) raised 39% less than planned in the first US initial public offering by a Chinese company since August, Bloomberg reported. The company’s shares fell 15% on the first day of trading following its IPO, as concerns about China’s continued growth and Vishop’s persistent losses weighed on investor sentiment. Vishop raised US$71.5 million by selling 11 million American depository receipts for US$6.50 each, below its goal of US$117.3 million. The online retailer has posted net losses for the past three years. Vishop “is a money-losing company, and they really needed to go public because they need the cash,” said Tim Cunningham, a fund manager at New Mexico-based Thornburg Investment Management. Data compiled by Bloomberg showed that just three of the 11 Chinese companies that listed in 2011 were trading above their offering prices as of March 23.