Following the stellar debut of Weibo, China's Twitter-like microblogging service, Chairman Charles Chao said that in retrospect the initial public offering (IPO) was priced too low.
Weibo shares have risen 33 percent above the IPO price of $17 since its debut on the Nasdaq exchange last Thursday. Shares were priced at the bottom end of the $17 – $19 range.
"In hindsight, I priced it a little bit low. But if you look at the market in the last 2 weeks it was very tough," all of the IPOs were priced below the range and most traded below their IPO price, Chao told CNBC on the sidelines of a summit organized by the China Entrepreneur Club in Nanning, the capital city of Guangxi province of China.
"So we were lucky to price within the range and trade up after that, so I think we're doing okay," he added.
Weibo is being closely watched as a gauge of investor demand ahead of the highly anticipated IPO of Chinese e-commerce giant Alibaba in the U.S. market later this year.