Chinese IPOs: 3 Companies that Announced Terms Last Week

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 |  Includes: CCM, NKBP, TRO
by: Renaissance Capital IPO Research

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 (NYSE: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 (NASDAQ: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.