China.com files for US$67.95 mln
IPO on Nasdaq
Reuters Story - June 25, 1999 00:38
HONG KONG, June 25 (Reuters) - Greater China Internet
portal operator China.com Corp said on Friday it plans an
initial offering of 4.247 million shares on the U.S. Nasdaq
stock market at an estimated price rang of US$14 to US$16
a share.
Hong Kong-based China.com said it filed a registration
statement with the U.S. Securities and Exchange
Commission today for the offering, which includes an
underwriters' over-allotment option to purchase an
additional 637,050 Class A common shares.
Excluding the overallottment option, the listing would raise
US$59.46 million to US$67.95 million, based on the
estimated offer price range.
China.com Corp, 20 percent-owned by New World
Infrastructure Ltd operates four major Internet Web sites --
www.china.com, www.hongkong.com, www.taiwan.com
and www.cww.com -- which offer Chinese and
English-language content, web-based electronic mail and
other services.
New World Infrastructure increased its stake in China.com
earlier this month, and U.S. Internet giant America Online
Inc acquired a 10 percent stake in the firm last week.
Other investors include China's official Xinhua news
agency, Sun Microsystems Inc , Internet advertising agency
24/7 Media Inc and CMC Magnetics Corp .
Shares in New World Infrastructure were off HK$0.40 or
2.88 percent at HK$13.50 in late morning trade on Friday
following announcement of the China.com IPO.
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