6 Chinese IT firms' IPOs for US
By Zhu Shenshen |
May 6, 2011, Friday
|
Print Edition
Print Edition
AT least six Chinese information technology firms will float shares for the first time in the United States this month, including mobile security firm NetQin's initial public offering of US$75 million.
Beijing-based NetQin Mobile plans to list in the New York Stock Exchange today, with each ADS (American depositary share) priced at US$9.50 to US$11.50, lower than its original target of US$100 after a CCTV report that alleged the firm cheated users.
NetQin, which provides mobile security services for Chinese handset users, generated an annual 21 percent rise in revenue to US$80 million in 2010.
After the IPO, NetQin will have a market capitalization of US$475 million.
NetQin originally planned to raise up to US$100 million through the IPO in the US. But it cut the target by 25 percent after the China Central Television report in March which alleged that NetQin and its invested firm deliberately put malicious mobile spyware in users' handsets and required them to pay for its removal.
"We don't cheat users and we haven't forced users to pay for services," said NetQin in a statement.
US-based Piper Jaffray is underwriting NetQin's IPO.
Following NetQin, online dating website Jiayuan.com, news website ifeng.com, online children service provider 61.com, video website Tudou.com and online downloading tool Thunder (Xunlei) will issue IPOs in the US this month, according to their filings.
The firms aim to copy the IPO success of online video website Youku.com and social website Renren Inc in the US.
Beijing-based NetQin Mobile plans to list in the New York Stock Exchange today, with each ADS (American depositary share) priced at US$9.50 to US$11.50, lower than its original target of US$100 after a CCTV report that alleged the firm cheated users.
NetQin, which provides mobile security services for Chinese handset users, generated an annual 21 percent rise in revenue to US$80 million in 2010.
After the IPO, NetQin will have a market capitalization of US$475 million.
NetQin originally planned to raise up to US$100 million through the IPO in the US. But it cut the target by 25 percent after the China Central Television report in March which alleged that NetQin and its invested firm deliberately put malicious mobile spyware in users' handsets and required them to pay for its removal.
"We don't cheat users and we haven't forced users to pay for services," said NetQin in a statement.
US-based Piper Jaffray is underwriting NetQin's IPO.
Following NetQin, online dating website Jiayuan.com, news website ifeng.com, online children service provider 61.com, video website Tudou.com and online downloading tool Thunder (Xunlei) will issue IPOs in the US this month, according to their filings.
The firms aim to copy the IPO success of online video website Youku.com and social website Renren Inc in the US.
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