99 Wuxian debuts 37.5% higher
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Hong Kong-based 99 Wuxian (NNW) has debuted 37.5% higher on the Australian Securities Exchange as investors jump in on exposure to the rapidly growing mobile commerce market in China.
The stock opened at 55 cents – well above the 40 cents initial public offering (IPO) price – before sliding to 50 cents by 1240 AEST, putting the market capitalisation of the company at around $512 million.
99wuxian operates by providing a marketplace that connects businesses such as C-Trip, Tencent and Jingdong with its roughly 20 million mobile users. The company charges these businesses, which sell goods including movie tickets and food, between 5-7% of each transaction. The Chinese mobile market is growing rapidly, with 1.1 billion mobile phone users in 2012.
There are expectations many other Chinese companies, including Sunbridge Group and Shenglong International Investment, will join 99wuxian in the coming months as a way to attract direct foreign investment (see Brendon Lau's Chinese gun for ASX listings).
99wuxian lodged its prospectus back in April this year seeking to list 5% of the company and raise a maximum of $20 million through CHESS Depositary Interests (CDIs), which are traded in a manner similar to shares. The IPO was heavily oversubscribed.
It made a loss of RMB121,126 ($20,591) in the period ended May 2013.
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