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China's Asia Media debuts on Tokyo bourse as 1st mainland company to launch IPO in Japan

China's Asia Media debuts on Tokyo bourse as 1st mainland company to launch IPO in Japan

Asia Media Co., a Beijing-based provider of television program guides, made an impressive debut on the Tokyo Stock Exchange Thursday, as it became the first mainland Chinese company to go public in Japan.
Asia Media shares finished the day's session at 752 yen (US$6.32; euro4.63) per share, up 17.5 percent from its initial public offering price of 640 yen (US$5.38; euro3.94), the TSE said on its Web site.
Thursday's debut marked the first time for a company based in mainland China to go public on a Japanese stock market, the exchange said.
A total of 8.857 million Asia Media shares, which are listed on the TSE's Mothers market for emerging companies, changed hands Thursday, the exchange said.
The company is expected to use the proceeds from the listing to expand its operations in China, and is likely expand into Japan as well, according to the Japanese business daily Nikkei.
The listing may set a precedent for other Chinese companies to list on the stock exchanges here as retail investors in Japan begin to aggressively buy Chinese and other Asian stocks.
Chinese companies sell shares in foreign markets both to raise money and to boost their visibility in hopes of making themselves more appealing to potential foreign partners.
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http://www.asiamedia.jp>