Not every Chinese internet company enjoys a pop in their share price during IPO. ADS of NetQin, which provides mobile security services, dropped 19 percent from its offering price of US$11.5 in their debut Thursday on the New York Stock Exchange.
It is not a surprise. The company had a major scandal just before it filed its IPO plan. Government- backed CCTV accused it of cooperating with mobile phone virus maker Feeliu.
Yesterday, its share dropped further to close at US$8.4.
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