Recently, many Chinese tech companies were able to have very successful IPO in the U.S. But Sky-mobi, which listed on Dec 10, was an exception to this rule.
First of all, it scaled down its IPO size, from raising US$150 million to US$58 million. Its share price also dropped significantly after the IPO. It closed at US$5.3 a share last Friday, 33% less than its IPO price of US$8.
The Hangzhou based company is in fact running a very lucrative business. It runs an app store over low-end phones in China. Most of these phones are manufactured in the Guangdong or Shenzhen, using MediaTek chips. They are the so-called Shanzhai Ji.
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