YY Inc to float on NASDAQ

Social media company YY Inc scheduled an initial public offering (IPO) in the US Wednesday, becoming the first Chinese company to list on the NASDAQ since April.

The Guangzhou-based corporation filed its IPO application with the US Securities and Exchange Commission (SEC) on October 15 and is expected to collect $81.9 million to $97.5 million with a share price of $10.50 to $12.50, according to NASDAQ data.

YY Inc, established in 2005, is best known for real-time communication among multiple users. Its services range from games, voice chat to online classes.

Supplementary materials filed with the SEC by the company on November 7 revealed a shift from loss to profit via a 167.6 percent increase year-on-year in income for the January- September period.

But YY's current good performance may not sway overseas investors due to their lack of interest in YY's major business - online games - which may make the actual share price lower than YY'S offering, Cao Di, an online game analyst from iResearch, told the Global Times Wednesday.

The US-based online game platform zynga.com got listed on the NASDAQ at the end of 2010 with a share price of $10. It had dropped to $2.25 at closing time Tuesday.

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