Three of the Top Five Tech IPOs in Third Quarter from China
From Red Herring: China’s Weight Felt in Q3 IPOs
"Three of the top five tech IPOs in the third quarter came from the Middle Kingdom.
The third quarter saw the most venture-backed IPOs of the entire year and the biggest winners were high-tech companies. Most notable? Three of the top five tech offerings were Chinese companies going public on U.S. exchanges."
"Baidu.com was the best-performing new issue of the third quarter. It closed the quarter at $64.02, a 137 percent return on its August 5 offering price of $27. Baidu rode the Nasdaq bull to $122.54 in its debut—a first-day gain of 354 percent—even as skeptics predicted it would slip to a more realistic level."
"China’s Focus Media Holding sells advertising on flat-screen TVs for high-traffic areas. It offered shares at $17 and closed its first day up 18.8 percent to $20.20. It further improved from its July 13 offer date, to close the quarter up 57 percent to $26.74."
"China Medical Technologies, based in Beijing, makes medical devices for treating cancer. Its devices use a technology called ultrasound-guided ablation to treat tumors. The company had net income of $14.3 million on $26.2 million in sales for its fiscal year, which ended in March."
Quotes on the Baidu (BIDU) IPO