Problem-Plagued Netqin Scales Back IPO 网秦降低IPO规模

Mobile security software maker Netqin appears to have scaled back its New York IPO, no doubt due to a steady stream of negative publicity as it prepares to list. Chinese media are reporting the company is now aiming to raise around $75 million, a 25 percent reduction from its previous plans, giving it a relatively modest market cap of $475 million. (Chinese article) As many of you may recall, this is the company that I previously wrote about after it suffered recent setbacks on a number of fronts, including being shut out by China’s three major telcos and an investigative report by state-run TV giant CCTV alleging it grossly overstated 2008 revenue in its IPO prospectus. It seems investors are finally taking note, after they largely ignored similar controversy around Qihoo (NYSE: QIHU) another Web security company that investors embraced in its New York debut last month. After more than doubling in its debut, however, Qihoo shares have fallen 30 percent from their high though they still trade well above their IPO price.

Bottom line: Netqin is destined for a low-key IPO, as investors avoid the stock due to a string of negative publicity in China.

在近来一系列负面报 道的打击下，手机安全软件公司网秦被迫降低了计划在美国IPO的融资规模。中国媒体报导说，网秦将融资目标降为7,500万美元，较此前低四分之一。依此计算，网秦的总市值在4.75亿美元左右。 此前，投资者对於计划在美上市的中国网络/科技公司的负面新闻似乎充耳不闻：奇虎<QIHU.N>尽管官司缠身，在纽约上市仍旧备受追捧，股价迅速翻番。但近期奇虎股价从高点下跌了30%，显示投资者正在回归理智。

一句话：四面楚歌的网秦被迫计划低调IPO。

Related postings 有关文章:

◙ Netqin IPO Tangled in Top Line Tussle CCTV再度揭露网秦

◙ Gmail, Netqin Spar with Chinese Censors Gmail,网秦

◙ Qihoo: A Strange Tiger, Indeed 奇虎：真的是头怪虎！