At night Beijing time on Thursday 1 April, Alibaba-backed Energy Monster officially listed on the NASDAQ with the stock code “EM”, becoming the “first stock in shared power banks”.

The power bank rental company offers 17.65 million ADSs at $8.50 per share, with a total offering size of $150 million. On the first day of listing, the company opened 17.64% higher at US$10, with a market value of US$2.7 billion.