Learning app gets $71.9m from IPO

LAIX Inc, creator of English learning app Liulishuo, raised roughly $71.9 million in its Wall Street trading debut on Thursday, as it readies itself for expansion in the booming online education market.

Shares of the Shanghai-based firm closed up 1.2 percent at $12.65 per share on the New York Stock Exchange, after opening up 28 percent on Thursday morning.

Proceeds from the IPO will be used to finance research and development, as well as to continue to invest in and develop its current technologies, according to CEO Wang Yi.