BofA Dumping China Cr*p on the Stock Market-
(Add to Short List Candidates...)
KongZhong IPO prices at low end of range (KONG) 10.00: KongZhong, a China-based wireless interactive services provider, prices its IPO at $10, at the low end of the expected $10-$12 range. The co is a provider of 2.5G wireless interactive entertainment (games, pictures, karaoke, electronic books), media (news, sports etc.) and community services (chat, message boards) to customers of China Mobile, which has the largest mobile subscriber base in the world. In addition, the co recently began to provide services for China Unicom.... The co is very small, but growing strongly. It posted sales of $7.8 mln in 2003, but posted $7.1 mln just in Q1 this year. The co is profitable with healthy net margins.... Recent China tech IPOs LinkTone (LTON) and Tom Online (TOMO) have not fared well, as both are now below their offering prices. However, Shanda (SNDA) has performed well. The timing was a bit unfortunate as rival NetEase.com (NTES) guided lower this week, spooking the China tech sector. Also, CHINA, SINA, SOHU are near new lows. These factors appear to have hurt the pricing of this 10 mln deal which is being led by BofA and will begin trading this morning.
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