China.com Soars - 12:56 PM EST - TK
IPO mania is back and alive as ever, as China.com has already tripled in early trading. The company plans to be the StarMedia of China offering internet access and comprehensive portal web-sites. There are concerns that China's internet PC growth will be slow; however Taiwan and Hong Kong still do represent solid opportunities.
Shares of China.com tripled Tuesday as investors cheered the Asian Internet service provider's IPO as a strong niche player. Hong Kong-based China.Com (CHINA: news, msgs) priced its 4.2 million share offering at $20 per share, well above its original price range of $14 to $16 per share. Shares opened at 45 3/4 and were trading around 60. The company, which provides Internet access, content, directory and related services in China, upped its price range to $17 to $19 on Monday. China.com began operating four gateway sites to the Internet in Chinese and English last year. Users can visit these portals -- www.china.com, www.cww.com, www.taiwan.com, and www.hongkong.com -- and find news, chat rooms, free e-mail, search engines and e-commerce services. - CBS Marketwatch
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