China’s return to work following the weeklong National Day holiday has seen a sudden acceleration in the IPO plans by leading online classified advertising site 58.com, which has just made its first public filing for a New York listing. Interestingly but certainly not surprisingly, the company has suddenly turned profitable just in time for the listing. At least some Chinese media are questioning the sudden move into the profit column, and indeed such swings are often the result of creative accounting done to boost investor demand. Still, the offering looks like a potentially interesting one, following the successful debut of online game developer Forgame (HKEx: 484) in Hong Kong last week. Read Full Post…
As China gets back to work after the weeklong National Day holiday, Chinese tech firms are also embarking on their own year-end drive to make IPOs in both New York and Hong Kong, hoping to end a sluggish 2 year period for such new listings. The signs certainly look positive for upcoming offerings, at least based on the strong trading debut for web game developer Forgame (HKEx: 484) last week. That could be good news for online classified ad site 58.com, whose prospectus for a New York IPO could soon be publicly released as it aims to become only the second major New York IPO by a Chinese firm this year. Read Full Post…
