China Techfaith Wireless prices ADRs at upper end of the range

Friday saw China Techfaith Wireless Communication Technology price each American Depositary Receipts ADR at $16.25, the upper end of the $15-17 range. Each ADR represents 15 ordinary shares. Merrill Lynch was sole bookrunner of the deal. The total raised includes a 15% greenshoe. The company is following the familiar route of Chinese tech companies listing ADRs on Nasdaq. This involves incorporating offshore Cayman Islands in the case of Techfaith, issuing ordinary shares...

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