Tencent launches pre-marketing

China''s largest instant messaging company battles on with IPO.

Tencent Technology began pre-marketing on Monday May 17 for an IPO that looks likely to raise up to $200 million. Goldman Sachs is leading the deal, which is being pitched on an exceptionally wide valuation range in a reflection of deteriorating market conditions particularly for China-related plays Editor's note this article was first published on Wednesday May 19.

Fund managers say the all new share deal is being pitched on a range of 15 to 25 times 2004 earnings and if market sentiment fails to improve, it seems almost certain to price at the bottom end. Based on a 25% freefloat and syndicate consensus 2004 profit forecast ranging from Rmb400...

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