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China IPOs Lose Some Allure
U.S. investors gave the clearest indication yet that they have curbed their IPO enthusiasm: Two Chinese-company offerings were forced to cut their prices to sell shares yesterday.
Energy-industry equipment maker WSP Holdings Ltd. and advertising broadcaster VisionChina Media Inc. scaled back their initial-public-offering price expectations in the face of the market environment. The stocks began trading yesterday on the New York Stock Exchange and Nasdaq Stock Market, respectively.
In 4 p.m. trading, WSP Holdings was at $8.54, slightly higher than its offering price of $8.50. VisionChina Media changed hands at $8.00, even with its offering price.
A third offering, from Midwestern agricultural- and construction-equipment retailer Titan Machinery Inc., priced within its range and began trading on Nasdaq. In 4 p.m. trading, shares were selling for $9.48. They were offered at $8.50.
Until last month, almost every IPO from China was warmly embraced by U.S. investors; the only other time this year that a Chinese company has cut its IPO price was in March, when Tongjitang Chinese Medicines Co. went public at $10, well below its original range, according to data tracker Thomson Financial. That stock is still trading below its IPO price.
VisionChina Media sold 13.5 million American depositary shares opening at $8 apiece, $1.50 less than its lowest expected range. WSP Holdings sold 25 million shares opening at $8.50 each, $2 less than the lowest range. Titan sold six million shares opening at $8.50 each, the midpoint of its expected range.
Asked if she wished her company had come public earlier in the year, VisionChina Media Chief Financial Officer Dina Liu said, 'It's just the first day of trading, and we have a long way ahead of us. There's so many growth opportunities for advertisers like us in China.'
VisionChina, based in Shenzhen, operates digital-video displays on buses and other locations, delivering advertising and local-television content. The company, which began in April 2005, became profitable in the second quarter of 2007, but it warns that it may not achieve or sustain profitability.
Investors didn't flock to WSP even after it reduced its offering price. Based in Jiangsu province, the company makes casing, tubing and drill pipes for the oil- and natural-gas-exploration industry. The company, which was launched in 1999, reported net income rose 32% in the first half of the year to $37 million, compared with the same period in 2006.
Titan Machinery, which is based in Fargo, N.D., operates a chain of 35 full-service stores and two outlets in the upper Midwest, where it sells, repairs and rents equipment.
Titan's net income rose 56% to $2.2 million in the six months that ended July 31,, but the company warned that lower new-home construction affects demand for its light construction equipment.
日前，两家在美上市的中国公司被迫下调了发行价，这是一段时期以来美国投资者发出的最明确的信号，显示他们对新股上市已热情不在。
面对市场环境的变化，能源业设备制造商WSP控股有限公司(WSP Holding Ltd.)和广告运营商华视传媒(VisionChina Media)双双下调了IPO价格预期。这两只股票周四分别在纽约证交所和纳斯达克市场上市交易。
WSP控股周四收于8.54美元，略高于8.50美元的募股价。华视传媒收于8美元，与募股价持平。
第三家新晋IPO公司是中西部农业及建筑设备零售商Titan Machinery Inc.。该公司的募股价在定价区间之内，该股将在纳斯达克上市交易。周四，该股收于9.48美元，高于8.50美元的募股价。
直到上个月为止，几乎所有来自中国的IPO都受到了美国投资者的追捧。Thomson Financial的数据显示，这之前今年仅有的一次中国企业下调IPO价格是在3月份，当时中药企业同济堂药业(Tongjitang Chinese Medicines Co.)设定的每股10美元的募股价大大低于最初的区间。该股目前股价仍低于IPO价格。
华视传媒以每股8美元的定价发行了1,350万股美国存托股票，比当初预期区间的最低端还低了1.50美元。WSP控股以8.50美元的价格发行了2,500万股，比最低端价格低2美元。Titan以8.50美元发行了600万股，定价位于预期区间的中点。
在被问到是否希望华视传媒当初能早点上市时，公司首席财务长刘丹(Dina Liu)表示，这只是首日上市交易，今后还有很长的路。华视传媒这样的广告公司在中国有很多增长机会。
总部位于深圳的华视传媒主要在公交车和其它场所的数字显示屏上播出广告和本地电视节目。公司创立于2005年4月，2007年二季度实现了盈利，但公司警告说，可能难以持续盈利。
尽管WSP控股下调了募股价，但投资者并未因此趋之若鹜。WSP总部位于江苏，主要生产油气勘探行业所用的套管、油管和钻杆。该公司成立于1999年，今年上半年的净利润比上年同期增长32%，为3,700万美元。
Titan Machinery总部位于北达科他州法哥，在美国中西部经营着35家全套服务商店和两家销售点，从事设备销售、修理和租赁。
在截至7月31日的6个月中，Titan的净利润增长了56%，至220万美元，但公司警告说，新屋建筑量下降影响了对其轻型建筑设备的需求。
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