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HONG KONG, March 26 - Chinese question and answerwebsite Zhihu Inc raised $523 million in its U.S. initialpublic offering (IPO) after pricing its shares at $9.50 each,according to two sources with direct knowledge of the matter.
Zhihu sold 55 million American Depository Shares (ADS) atthe bottom of the $9.50 to $11.50 range the stock was marketedat during the deal.
The sources could not be named as the information was notyet public.
Zhihu did not respond to a request for comment.
The company, which has been described as China's version ofQuora, also raised $250 million in a placement to investors ledby Alibaba and JD.Com affiliates.
Zhihu's decision to list on the New York Stock Exchangecomes as the Securities and Exchange Commission (SEC) pressesahead with a plan for foreign companies which do not meet U.S.auditing standards to be delisted.
News the SEC is progressing the plan put in place underformer President Donald Trump has prompted a share price slumpin Chinese companies listed in on Wall Street over the past twosessions.
The move by SEC adds to the unprecedented regulatorycrackdown in China on domestic technology companies which hasincreased the negative sentiment towards their stock prices.
In Hong Kong, Baidu Inc shares fell 5.4% Fridaytaking its two day loss to about 15%, Alibaba Group Holding Ltddropped another 2.35%, and Netease Inc wasdown 2.2%. JD.Com bucked the trend and was trading 1.82% higher. REUTERS