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Strategies & Market Trends : Greater China Stocks
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From: Julius Wong10/4/2010 11:38:45 AM
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Daqo New Energy (DQ), a China-based manufacturer of polysilicon for solar power applications, plans to raise $92 million by offering 8 million ADSs at a price range of $10.50-$12.50. At the mid-point of the proposed range, Daqo New Energy will command a market value of $395 million. Daqo New Energy, which was founded in 2007, booked $160 million in sales over the last 12 months. The Chongqing-based company plans to list on the NYSE under the symbol DQ. Morgan Stanley is the lead underwriter on the deal. The company previously filed to offer 6.5 million ADSs at $12.50-$14.50 before postponing the deal in January and refiling in August.

Global Education & Technology Group Limited (GEDU), a China-based provider of education services including foreign language training and test prep, plans to raise $61 million by offering 6.4 million ADSs at a price range of $8.50-$10.50. At the mid-point of the proposed range, Global Education & Technology Group will command a market value of $241 million. Global Education & Technology Group, which was founded in 2001, booked $36 million in sales over the last 12 months. The Beijing-based company plans to list on the NASDAQ under the symbol GEDU. Credit Suisse (CS) and BofA Merrill Lynch (BAC) are the lead underwriters on the deal.

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