Netease slides 21.7% on Nasdaq debut

Netease.com, ChinaÆs second biggest internet portal, raises $69.75 million through its IPO - near the middle of its expected price range.

Netease.com, ChinaÆs second biggest internet portal, raised $69.75 million in its initial public share offering on Nasdaq last Friday, near its middle price range. The Beijing-based internet company sold 4.5 million American depositary receipts ADRs at $15.50 each.

By the close of trade, the shares had slumped 21.7% to $12.12, after earlier reaching a high of $17.25 and sinking to a low of $10.62. Merrill Lynch managed the transaction.

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