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October 17, 2009

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Home » Business » Real Estate

China Real Estate well received in Nasdaq debut

CHINA Real Estate Information Corp shares started trading at US$12.32, up 2.7 percent from the price in its initial public offering, and quickly jumped to US$14.19, or up 18.25 percent, in their debut on Nasdaq yesterday.

The company, a Shanghai-based unit of real estate services company E-House China Holdings Ltd, raised US$216 million in its IPO on Thursday after selling 18 million American Depositary Receipts for US$12 each, within the estimated range of US$11.80 to US$13.80.

China Real Estate operates a database that held information on about 38,200 developments or buildings and 24,200 parcels of land for development in 56 cities in China as of June 30, according to a prospectus filed with the United States Securities and Exchange Commission.

China Real Estate revenues rose 61.8 percent to US$31.2 million in the first six months of this year from the year-earlier period, with net income of US$11 million.

E-House will remain its parent and controlling shareholder after the IPO.

China Real Estate plans to use proceeds of its IPO to fund capital expenditures, expand its sales efforts and possibly make acquisitions.

Its IPO is the latest to test investor appetite for newly US-listed Chinese stocks.

The two best performing IPOs this year -- water treatment equipment supplier Duoyuan Global Water Inc, up 145 percent since its June IPO, and video games maker Ltd, up 99 percent since its April debut -- are from China.


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