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  Neil Gaughan, acting deputy com

NEW YORK Mirza Teletovic Bucks Jersey , Feb. 5 (Xinhua) -- Chinese vertically integrated online-to-offline (O2O) home improvement service and product providers SSLJ Limited on Monday rang the Nasdaq Stock Market opening bell in celebration of its Initial Public Offerings (IPO), notching the first Nasdaq IPO of a Chinese company this year.

SSLJ, trading under the ticker symbol of "SSLJ," priced its initial public offering of 4 million Class A ordinary shares at a public offering price of 5.00 U.S. dollars per share for a total of 20 thousand dollars in gross proceeds before expenses.

SSLJ started trading exactly at 5.00 dollars per share on Monday Matthew Dellavedova Bucks Jersey , but then slid as U.S. stocks continued its previous day's sell-off on Monday, with the Dow recording its worst one-day point drop in history. At the close, the company's shares tumbled 28.20 percent to 3.59 dollars a share.

"Our listing as a public company on the Nasdaq is a significant milestone for SSLJ, which will give us a better growth platform to create more value for clients and shareholders Malcolm Brogdon Bucks Jersey ," Wei Zheng, Chairman and CEO of SSLJ, said at the opening bell ceremony.

Compared to traditional home improvement service providers, SSLJ's O2O business model provides its customers with a highly cost efficient one-stop overall home improvement package and attracts online user traffic Kareem Abdul-Jabbar Bucks Jersey , Zheng believed.

According to the Prospectus, the company plans to use the net proceeds of this offering primarily for general corporate purposes, which may include establishment of new branch companies and sales offices, expansion of existing branch companies John Henson Bucks Jersey , investment in product research and development, sales and marketing activities, etc.

Founded in July 2014, SSLJ's revenue amounted to 7.3 million U.S. dollars during the six months ended June 30 Glenn Robinson Bucks Jersey , 2017, with a net loss of 9.2 million dollars, due to advertising activities in the second quarter of 2017, together with increased effort in building up its research and development department Donte DiVincenzo Bucks Jersey , the company said in the Prospectus.

According to a June 2017 Euromonitor report, SSLJ had the third largest market share in China among the vertically integrated O2O home improvement service and product providers in 2016.

SYDNEY, Jan. 18 (Xinhua) -- An Australian crime syndicate has been busted allegedly using a former Japanese whaling vessel to import cocaine into Australia, local media said on Wednesday.

The syndicate, based in the north-western suburbs of Melbourne, was under police surveillance for a year before the vessel was intercepted 1300 km off the coast of Tasmania on Dec. 12 despite the ship never entering Australian waters.

Authorities spent another five weeks investigating the syndicate before arresting six men, four in Melbourne and two in Queensland on Wednesday morning, over the haul of 186 kg of cocaine with an estimated street value of 45 million U.S. dollars found on board.

Ten men onboard the ship have already been charged with attempting to import a commercial quantity of a border-controlled drug with the six men expected to face the same charges.

Australian authorities will allege that the syndicate used a method of importation known as the "mothership" method whereby a ship importing drugs loiters off the coast before being met by a smaller boat which brings the drugs to shore.

The joint operation, codenamed Barada, involved the Australian Federal Police (AFP), Victoria Police's joint organized crime task force, Australian Border Force, Australian Defence Force, Australian Criminal Intelligence Commission (ACIC) and Tasmania Police and has been heralded as an unparalleled effort of collaboration.

Neil Gaughan, acting deputy commissioner of the AFP, said that investigators who worked on the operation had put in "long hours over the last few months to stop this group benefiting from the exploitation of Australians."

"Investigations into organized crime syndicates such as this are incredibly complex and require significant resources, patience and sophisticated police work to get successful results." Gaughan told Fairfax Media.

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