China Mass Media completes scaled-down IPO

The CCTV advertising agent raises $49 million from its US IPO, but its share price drops 14.7% in the first two days as investors remain sceptical towards newcomers.

China Mass Media International Advertising CMM was able to price its US initial public offering before the opening of trading on Monday, becoming the second Chinese company to complete a US listing in less than a week. The company raised $49 million after fixing the price at the bottom of a revised range.

However, the listing did come at a price, as the company was forced to trim the initial IPO size by almost 35% based on the bottom of...

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