Netqin Fizzles on Debut, Could Still Have Potential 网秦首秀表现不佳但可能仍具潜力

By newsdoug on May 8, 2011

While Renren (NYSE: REN) was grabbing headlines last week with its blockbuster IPO, another struggling Web firm, Netqin (NYSE: NQ), quietly stumbled out of the gate with barely a whimper. (English article) The Web security firm was operating under a cloud that saw its mobile software cut off by China’s three major telcos earlier this year, according to media reports. As a result, Netqin had to scale back its plans for a relatively modest $100 million IPO, going eventually with an $89 million offering when it made its New York debut late last week. As the icing on the cake, Netqin’s shares tumbled nearly 20 percent from their IPO price in their trading debut – a sharp contrast from the sharp rises of high-profile names like Renren and Youku – though not very many people seem to have even noticed. In fact, this company may be so beaten down that it might actually be a good deal if it can iron out its problems, which seems likely in the medium- to longer term.

Bottom line: Netqin’s scaled back IPO and weak launch could make this company an interesting investment if it can iron out its issues.

人人网<RENN.N>首次公开发行（IPO）受到投资者追捧，此事占据了上周的各大媒体头条。与此同时，另一家景况不佳的网络安全公司网秦<NQ.N>正黯然淡出人们的视线。据多家媒体报导，网秦手机软件被中国三大电信运营商集体屏蔽。因此，网秦不得不降低原订1亿美元的在美 IPO融资规模，上周登陆纽约证交所的首秀融资额仅有8,900万美元。更糟糕的是，虽然并没有多少人注意到这一点，但网秦上市首日破发跌幅近20%——与之形成鲜明对比的是，人人网及优酷网等知名度较高的网络公司在美上市首日股价均出现大涨。事实上，网秦股价已经如此受挫，以至于如果公司能解决自己的诸多问题——中长期来看确实有可能解决——那麽该公司倒有可能成为一个不错的投资选择。

一句话：网秦缩减IPO规模且首日破发之後，该公司若能解决自身问题，倒不失为一个有意思的投资选择。

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