China's Hurray! prices below midway point in difficult start for China tech sector

Is the gloss coming off the China internet sector?

2.5G mobile WAP service provider priced its IPO at $10.25 on February 3, well below the $10.60 mid-point of the indicative $9.60 - $11.60 range. Citigroup was lead manager.

The mainland wireless player raised $70.52 million from the issuance of 68.8 million ADRs, with each ADR representing 100 ordinary shares. Of this amount, 255,660 ADRs represented old shares, mainly from four to five members of senior management and smaller institutional venture capital firms.

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