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 but not listing them, and listing ADRs or GDRs off the back of the ordinary shares. In theory, this means the company will be then free at some point to list its ordinary...

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