A Chinese auto sales company traded up slightly and a Chinese tech company fell in U.S. stock market debuts on Friday, a sign that not every Chinese companies will get a blank check in its initial public offering.
Shares of auto retailer Lentuo International Inc
Earlier on Friday, Lentuo cut the terms of its IPO to 6.5 million American Depositary Shares, which it hoped to sell for $8 to $10 each. It had previously filed to sell 7.5 million shares for $11.50 to $13.50 each.
Shares of Sky-mobi Ltd
The company sold 7.3 million shares for $8 each in its IPO, raising about $58.4 million.
Underwriters on the Sky-mobi IPO were led by Citi; underwriters on the Lentuo IPO were led by Cowen and Co and HSBC.
(Reporting by Clare Baldwin, editing by Gerald E. McCormick)