Three companies announced terms last Friday, Nov. 20, all of which are based in China and expect to offer American Depository Shares in their offerings.
Concord Medical Services Holdings (CCM), a major operator of radiotherapy and diagnostic imaging centers in China, announced terms only three days after submitting its initial filing. The Beijing-based company plans to raise $120 million by offering 12 million ADSs at a price range of $9-$11. At the mid-point of the proposed range, Concord Medical Services Holdings will command a market value of $491.5 million.
At the same price range, Trony Solar Holdings (TRO), which provides solar photovoltaic (PV) modules, plans to raise $242 million by offering 19.5 million ADSs. It raised the target from the $200 million it initially filed for on Oct. 30. At the mid-point of the proposed range, Trony Solar Holdings will command a market value of $453 million. The solar company, which was founded in 2003 and booked $79 million in sales over the last 12 months, plans to price its deal the week of Dec. 7.
China Nuokang Bio-Pharmaceutical (NKBP) plans to offer 5 million ADSs, including 473,000 from selling shareholders, at a price between $10 and $12 per ADS. The company, which sells 14 hematological and cardiovascular products, was founded in 1997 and booked $40 million in sales over the last 12 months.