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Listing likely to enrich Yao Ming further
By Winny Wang |
December 21, 2009, Monday
|
Online Edition
Online Edition
CHINESE basketball star Yao Ming stands to get richer from investments in China's biggest Global Positioning System producer after its listing on the A-share market.
Beijing UniStrong Science & Technology Co Ltd has gained approval from China Securities Regulatory Commission to float 30 million shares, or 25 percent of its expanded capital, in Shenzhen to raise 469 million yuan (US$68.7 million).
Yao, the image ambassador for UniStrong, invested 375,000 yuan in buying 675,000 shares, or 0.75 percent, of the company to become the fourth largest shareholder in 2007. He is likely to earn millions of yuan from the investment after its IPO.
The initial public offering price of the company is expected to reach 15.63 yuan and analysts expected that the IPO price will double after listing, bolstered by investors' enthusiasm towards new stocks and Yao's appeal.
Beijing UniStrong Science & Technology Co Ltd has gained approval from China Securities Regulatory Commission to float 30 million shares, or 25 percent of its expanded capital, in Shenzhen to raise 469 million yuan (US$68.7 million).
Yao, the image ambassador for UniStrong, invested 375,000 yuan in buying 675,000 shares, or 0.75 percent, of the company to become the fourth largest shareholder in 2007. He is likely to earn millions of yuan from the investment after its IPO.
The initial public offering price of the company is expected to reach 15.63 yuan and analysts expected that the IPO price will double after listing, bolstered by investors' enthusiasm towards new stocks and Yao's appeal.
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