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Strategies & Market Trends : Greater China Junior Stocks

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From: Julius Wong	2/7/2007 10:01:35 PM
	of 1992

3SBio Prices Offering of 7.7M ADS at $16 Each; Trading to Begin Wednesday NEW YORK (AP) -- 3SBio Inc., a Chinese biotech company, on Wednesday said it priced its initial public offering of 7.7 million American depositary shares at $16 each, above a previously reported range. The ADS were originally expected to be priced between $12 and $14 each. Each ADS represents seven regular shares, the company said. Shares should begin trading Wednesday on the Nasdaq under the ticker "SSRX". 3SBio is offering 7.2 million shares, and expects to generate proceeds of about $102 million from the sale. Shareholders are selling the remainder of the shares in the offering. The company plans to use the proceeds to build or improve facilities, conduct clinical trials, expand sales efforts, and for general corporate purposes. Underwriters include UBS Investment Bank, CIBC World Markets and Pacific Growth Equities, LLC. They have the option to buy up to 1.2 million shares more to cover overallotments. biz.yahoo.com

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