longtop-shows-us-bid-for-china-remains-intact

Longtop shows US bid for China remains intact

The Chinese provider of banking technology trades up on its NYSE debut after pricing its IPO 25% above the initial target.
Another stellar US trading debut by a Chinese company last night confirms that US investors, when given a chance, seem to prefer Asian stocks over their home-grown talent.

Having raised $182.6 million from its inaugural share sale, Longtop Financial Technologies jumped more than 70% above the IPO price when it started trading on the New York Stock Exchange yesterday. And while it retreated from there fairly quickly, in response to a decline in the broader market, the Chinese provider of banking software and IT solutions was still up 52% at $26.60 after five hours of trading.

At the same time, the Dow Jones Industrial Average was down about 1% largely in response to Merrill LynchÆs...
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