xinhua-finance-media-falls-after-pricing-ipo-at-midrange

Xinhua Finance Media falls after pricing IPO at mid-range

The market correction and a reduced appetite for risk weigh on Mainland listings in the US, although Xinhua's $300 million offering is well covered.
Xinhua Finance Media last week priced its initial public offering on Nasdaq at the mid-point of the $12 to $14 indicative range for a total deal size of $300 million.

This meant it may have missed the opportunity to become the second largest Chinese listing in the US after Suntech PowerÆs $400 million IPO in December 2005. At the current size, it will fall behind Mindray MedicalÆs $311 million offering in September last year û unless the majority of the 15% greenshoe is exercised.

According to sources, demand was strong enough to have allowed the price to be fixed at the top but given the widespread correction in equity markets during the two-week roadshow, negotiations...
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