tongjitang-prices-us-ipo-33-below-initial-price-range

Tongjitang prices US IPO 33% below initial price range

The Chinese medicine maker becomes the first Mainland company to cut the size of a US offering this year as the fall-out from the equity market correction broadens.
The situation for Chinese companies seeking US listings became even more troublesome at the end of last week, when Tongjitang Chinese Medicines was forced to price its initial public offering at $10, 33% below the bottom of the original price range.

US-listed Mainland companies have been hit hard by the volatility and uncertainty that have followed in the wake of the stock market corrections over the past couple of weeks û which was first triggered by a sharp sell-off in Shanghai. So far, however, the demand for IPOs has remained strong, with the hesitation setting in only once they have started trading. Tongjitang is the first Chinese offering this year to see demand...
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