Miniso Group (NYSE: MNSO) ended its debut day 14% in the red but still above issue price, at $20.88 per American depositary share.

The Tencent-backed retailer celebrated its $608 million initial public offering Thursday virtually on Wall Street. It sold 30.4 million ADSs at $20 per share, above the expected range of $16.50 to $18.50.

The stock in Miniso opened at $24.20 per share, gradually slid by mid-day and tumbled in a jagged downhill from there, following the markets. Still, it ends a winner now valued at about $6 billion.

Underwriters on the IPO are Goldman Sachs (Asia) LLC and BofA Securities Inc. If they exercise the over-allotment option in full, the size of the offering could reach $699 million.

Based in Guangzhou, Miniso sells stationary, cosmetics, textile, and beauty products, as well as toys, home décor, electronics, snacks, and accessories. It styles its products after the world-popular Japanese Muji brand, created by Tokyo-listed Ryohin Keikaku Co. Ltd., which centers on minimalism, eco-friendliness, natural textiles, quality, and the absence of a brand.

For the 12 months through June 2020, Miniso posted revenue of $1.3 billion, a 4% decline year-over-year. Losses narrowed 12% to $36.8 million, according to the filing.

In its prospectus, Miniso said it plans to use the new capital to expand its store network, as well as invest in warehousing, logistics, and technology.

Miniso is the latest in a slew of Chinese firms seeking U.S. listings at a time of heightened U.S.-China tensions. Last week, edutainment platform iHuman Inc. (NYSE: IH) lifted off in an $84 million offering. On Thursday it traded early at double its issue price of $12 per share before tumbling 12% to $23.14 by close.

In late September, China-based Chindata Group Holdings Ltd. (Nasdaq: CD), Yalla Group Ltd. (NYSE: YALA), Boqii Holding Ltd. (NYSE: BQ), and Lixiang Education Holding Co. Ltd. (Nasdaq: LXEH) became publicly traded in New York. The latter two traded on Thursday below IPO level.