TOM ONLINE RECEIVES COLD WELCOME ON DEBUT
AsiaInfo Services, March, 2004
AsiaInfo Services 03-15-2004 Tom Online Receives Cold Welcome on Debut NEW YORK, Mar 15, 2004 (SinoCast via COMTEX) -- Tom Online, an Internet service subsidiary of Tom.com, received cold welcome on its first trading day in NASDAQ and Hong Kong Growth Enterprise Market (GEM). Although "Chinese Concept" stocks are still hot in NASDAQ and Hong Kong Stock Exchange, Tom Online surprised analysts and itself by the bad performance on its first trading day. The closing price of Tom Online decreased to USD 15.58 in NASDAQ, almost on a par of its issuing price, USD 15.55 on March 11.
The opening price of Tom Online was USD 15.75. Things were not better in Hong Kong. The opening price of Tom Online was HKD 1.4 (USD 1 = HKD 7.7948), decreasing 6.7% than the issuing...
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