2 Chinese firms price IPOs above range
Print Edition
Two Chinese companies priced their initial public offerings in the United States above the marketed range this week, ignoring a damning report from Muddy Waters LLC that caused the share price of a Nasdaq-listed Chinese firm to plunge by half last week.
58.com Inc, the Chinese version of Craigslist offering an online marketplace, surged 41 percent on its first day of trading on Thursday after its IPO raised US$187 million in the New York stock market.
58.com priced its 11 million American Depository Receipts at US$17 apiece, higher than its initial target range of US$13 to US$15, which was later raised to US$15 to US$16.
Qunar, a Chinese travel-booking service controlled by Baidu Inc, raised US$167 million after pricing its ADRs at US$15 each, also higher than the marketed range of US$12 to US$14. The company’s shares opened at US$28.35 on the Nasdaq in their trading debut yesterday.
Last week, a Muddy Waters report alleged China’s NQ Mobile inflated its revenue and user base numbers, which caused the share price to plunge by up to 60 percent on October 25 and subsequent trading earlier this week. NQ Mobile raised US$89.1 million in its IPO in the US in May 2011.
Several Chinese firms, including mobile chipmaker Montage Technology Group Ltd, are preparing for IPOs in the US.
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