Tomonline has mass to take on comps

Pre-marketing for Tomonline heralds a long pipeline of tech IPOs from China during 2004.

Valuation issues of messaging company Tomonline were the key concern for investors today as bankers and investors involved in the spin off of Li Kashing's internet portal tom.com started the pre-marketing process. The company's IPO in Hong Kong and ADR issue on Nasdaq is set to raise HK$1 billion to HK$1.64 billion $128 million to $210 million, with around 80% to 90% of the issued shares to be primary shares.

Under the lead management of Citigroup and Morgan Stanley, the company is being valued on a 2003 PE basis and pitched at a slim discount to US listed China internet portals Netease and Sohu. The former is currently trading...

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