Xinhua Finance Media falls after pricing IPO at mid-range
The market correction and a reduced appetite for risk weigh on Mainland listings in the US, although Xinhua's $300 million offering is well covered.
Xinhua Finance Media last week priced its initial public offering on Nasdaq at the mid-point of the $12 to $14 indicative range for a total deal size of $300 million.
This meant it may have missed the opportunity to become the second largest Chinese listing in the US after Suntech PowerÆs $400 million IPO in December 2005. At the current size, it will fall behind Mindray MedicalÆs $311 million offering in September last year û unless the majority of the...
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