Baozun (BZUN) began trading on the NASDAQ on 21 May 2015

• Alibaba Group (NYSE:BABA) holds an 18% stake in BZUN

Baozun, which helps brand partners execute e-commerce strategies, priced at 10, below its expected range of 12 to 14. It offered 11 million shares, raising $110 million. The consensus was that Baozun was priced above investors' comfort level. The stock closed at 10.44, up just 4.4%.