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Wednesday, Nov 21
2012, 8:52 AM
China's YY has priced its 7.8M-share IPO at $10.50, the low end of its range, and will begin...
China's YY has priced its 7.8M-share IPO at $10.50, the low end of its range, and will begin trading today. The IPO price translates into a market cap of $558M. YY has been growing revenue rapidly, but its instant messaging/social media platform also faces strong direct competition from Tencent's (TCEHY.PK) QQ, and indirect competition from Sina's Weibo and others. In an IPO preview, SA's Francis Gaskins expressed concerns about YY's offshore incorporation structure. (F-1)