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People's Daily Online>>China Business

Chinese firms restart IPOs in U.S.

By Dou Hongmei (Beijing Daily)

14:29, March 26, 2012

Edited and Translated by Han Shasha, People's Daily Online

On Mar. 23, Vipshop Holdings Ltd. (VIPS), a Chinese online discount retailer, launched its IPO in the New York Stock Exchange, which made it the first Chinese company seeking IPO in the United States in 2012.

The company raised 71.5 million U.S. dollars by selling 11 million American depositary shares (ADS). However, it tumbled about 15.4 percent on its first day of trading.

After China's video website Tudou listed on the Nasdaq in August 2011, the U.S. stock market closed the window of allowing Chinese concept stocks to go public.

"Vipshop's IPO launching in the United States shows that Chinese enterprises have reopened the window for IPOs there,” a manager from the China Securities Co. Ltd said.

Chinese enterprises made most intensive overseas IPOs in the first half of last year while the enthusiasm of Chinese concept stock's U.S. IPOs fell to a freezing point in the next months. China Index on Nasdaq dropped nearly 40 percent last year. Therefore, Shanda Literature, Thunder and Lahsou.com delayed their IPOs last year.

In January 2012, China Auto Rental, VIPS and Yi Media submitted the prospectus to the U.S. Securities and Exchange Commission. Since then, a lot of Chinese companies have flooded to the United States to seek IPOs. Currently, at least 20 Chinese companies queue for overseas IPOs.

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