NEW YORK -- Jiayuan.com, China's biggest dating website, fell on its first day of trading at the Nasdaq stock exchange.

The Beijing-based company, known to the US investors as " China's Match.com," sold 7.1 million shares at$11 a share, the midpoint of its expected range of $10 to $12.

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The 78.1-million-dollar proceeds raised in Wednesday's initial public offering will be used to expand its presence in second-tier and third-tier cities, according to the company.

"We'll also increase our investment in product research and development, providing better experiences for web users," said Haiyan Gong, founder and chief executive officer of Jiayuan.com.

According to IResearch, Jiayuan.com ranked first and commanded a 44-percent share of the total money spent in China's online dating market in 2010.

The offering of Jiayuan.com was led by Bank of America and Citigroup. As of the market close, its stocks traded at $10.52 per share, 4.36 percent lower than the IPO price, after plunging as much as 11 percent during the session.