Chinese supply chain management company Wei Mei Holdings (MJID.US) made its debut on the NASDAQ, plummeting by 45% on its first day of trading.

Majestic Ideal Holdings, a company providing supply chain management services for Chinese clothing enterprises, was listed on the Nasdaq last Friday in the Eastern United States time. The company issued 2.5 million shares at a price of $6 per share, raising $15 million. The pricing was at the lower end of the previous price range of $6 to $7. On the first day of trading, the stock dropped by 45%, and as of the time of writing, it dropped by 6.36% in after-hours trading, to $3.09. Majestic Ideal Holdings primarily provides supply chain management services in the Chinese clothing industry, with yarn products and finished garments as its core business. The company offers a full range of services in the clothing supply chain, covering market trend analysis, product design and development, raw material procurement, and more. Its clients include brand owners, textile manufacturers, clothing procurement agents, and online fashion retailers.