King Kong?

2.5G service provider prices at bottom of the range after torrid week for Chinese wireless VAS (value added services) stocks.

KongZhong secured a $100 million Nasdaq listing after New York's close on Thursday, pricing a 10 million ADR deal at $10 per unit.

A week ago, lead manager UBS was confident of pricing the deal at the very top of the $10 to $12 indicative price range. Books went on to close two times covered, but a high degree of price sensitivity emerged after the stock's nearest comparables suddenly plummeted two days before pricing.

Ironically, the IPO was in many ways a victim of the underlying company's success at migrating mobile users to 2.5G services. The 2G operators, which it is seeking to displace and provide...

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