NEW YORK, 8 dicembre (Reuters) - Fanno faville nel primo giorno di quotazione a Wall Street le due matricole cinesi Youku.com YOKU.N - una spcie di Youtube di Pechino - e Dangdang Inc DANG.N, versione di Amazon.com (AMZN.O) per il Dragone.
La scommessa degli investitori è che possano diventare i leader dei rispettivi nascenti mercati nazionali:s Youku ha aperto a 27 dollari in rialzo del 111%, ma alle 18,30 italiane arriva a +160% a 33,5 dollari, con massimo a 37.
Dangdang aveva aperto in rialzo del 53,1% a 24,50 dollari e nella mattinata Usa allunga a
110.9 percent above its $12.80 IPO price. The shares rose as high as $29.56 before giving up some of the gains to trade at $27.71 by late morning. opened at $24.50, 53.1 percent above their $16 IPO price. They rose as high as $30 before easing somewhat to $26.95. “Investors like to get in early in companies that could end up dominating their markets,” said Paul Bard, an analyst at Connecticut-based IPO research and investment house Renaissance Capital. “You have two potential leaders in two potentially massive markets in China. I think that’s being reflected in their trading today,” Bard said.
So far this year, Chinese companies debuting in the United States are posting returns of about 30 percent, according to Thomson Reuters data. That contrasts with an average return of about 23 percent for all U.S. IPOs this year, including for companies based in China, according to data from Renaissance Capital. Still, there have been some flops. Shares of Chinese online retailer Mecox Lane Ltd MCOX.O, which debuted in late October, are currently trading 39.2 percent below their $11 IPO price. Soon after its IPO, Mecox reported a year-on-year drop in its gross margin, causing its shares to swoon and triggering several class action lawsuits. [ID:nN06203560] Youku and Dangdang’s greatest challenges may lie on their balance sheets. Both are in competitive businesses and both are fighting for profitability. [ID:nN03149897] Youku’s revenue increased by an average of 1,000 percent a year over the past two years, and was up 135 percent in the first nine months of the year over the year-earlier period -- but it has never turned a profit. Dangdang fared slightly better. It swung to a roughly 16 million yuan profit from a 5.2 million yuan loss in the first nine months of 2010. Revenue grew by 55.6 percent to 1.6 billion yuan in the same period. Youku sold 15.8 million American depositary shares for $12.80 each on Tuesday, raising about $203 million. It had planned to sell 15.4 million shares at $9 to $11. Dangdang priced its IPO at 14.3 percent above the expected range on Tuesday, raising $272 million by selling 17 million American depositary shares for $16 each. The company had previously raised the expected price range for its IPO. Credit Suisse CSGN.VX and Morgan Stanley (MS.N) led the underwriters on the Dangdang IPO, while Goldman Sachs (GS.N) led Youku’s underwriters. Both companies are trading on the New York Stock Exchange, Youku under the symbol “YOKU” and Dangdang under “DANG.” (Reporting by