Zhihu Inc.'s stock /zigman2/quotes/225646145/composite ZH +1.49% got a cool reception on Wall Street Friday, as the China-based online content company's stock opened 15.3% below its initial public offering price. The stock's first trade was at $8.05 at 1:37 p.m. Eastern for 3.04 million shares. The company had said before the open that the IPO priced at $9.50, which was at the bottom of the expected range of between $9.50 to $11.50 a share, as the company sold 55 million American depositary shares to raise $522.5 million. The stock has extended losses since the open to trade down 26.6% at $6.97, which values the company at about $3.9 billion. Zhihu went public on a day that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +1.22% dropped 1.5% in afternoon trading while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.74% tacked on 0.5%.