visionchina-launches-162-million-followon

VisionChina launches $162 million follow-on

The company issues 8 million new and existing American Depositary Shares in an effort to improve the liquidity of its stock.
Nasdaq-listed VisionChina Media, a Chinese out-of-home advertising company, has launched a follow-on offering which, based on the price at the close of trading on Friday, could raise around $162 million.

Of the 8 million American Depositary Shares ADS on offer, 1 million are primary while the remaining 7 million are existing shares that are being sold by shareholders cashing in on the significant rise since the company's listing. VisionChina was one of the most successful IPOs by a Chinese company last year, pricing its initial offering at $8 a share in December. The companyÆs share price closed at $20.34 on Friday, bucking the markets' downward trend.

Each ADS represents one common share....
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