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.

Two major shareholders, Fidelity Investment and Granite Ventures, did not sell any of their stakes. The CEO and CFO also agreed to cash in their shares only in the event of the...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222