Eric Shen (2nd L), Chairman and CEO of Vipshop, rings the opening bell at New York Stock Exchange in New York, the United States, March 23, 2012. Shares of Chinese on-line retailer Vipshop, the first Chinese Initial Public Offering (IPO) in the U.S. stock market in more than seven months, fell more than 11 percent in its debut on the New York Stock Exchange on Friday. (Xinhua/Shen Hong)

Shares of Chinese on-line retailer Vipshop fell more than 11 percent in its debut on the New York Stock Exchange on Friday.

Guangzhou-based Vipshop, the first Chinese Initial Public Offering (IPO) in the U.S. stock market in more than seven months, priced its 11-million-share IPO at 6.5 dollars, below its indicated range of between 8.5 dollars and 10.5 dollars.

Shares of Vipshop tumbled in late New York trading as investors were still cautious toward the internet start-up with robust growth but weak profits.

The debut of Vipshop drew attention at a time when U.S. listed Chinese companies suffered significant value shrink due to an unfavorable market environment and alleged fraud cases and accounting scandals.

"We began to prepare for the IPO last year, and had to revise issuing prices lower due to bad market environment, but we still decided to go as planned because the company was in a quite good shape and really well prepared," said Eric Shen, Chairman and Chief Executive Officer of Vipshop.