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China.com prices at $20
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July 12, 1999: 10:04 p.m. ET
IPO price for Asia portal is set above an already increased range
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NEW YORK (CNNfn) China.com, the company that links the world's largest market to the "dot-com" craze, got off to a roaring start Monday when the shares in the Internet service provider priced at $20 -- well above the already increased range of $17 to $19.
Underwriter Lehman Brothers had already boosted the expected price of the 4.2 million shares from between $14 to $16. The shares will trade on the Nasdaq under the ticker symbol "CHINA" beginning Tuesday.
Investors are attracted to the stock not only because it is a much coveted Internet stock, but it also marks one of the first opportunities to invest in China. Hong Kong-based China.com also is expected to reap the reward from positive sentiment toward Asia as the economic recovery picks up steam.
China.com has already attracted interest - and equity - from some of the premier players in the technology world. America Online Inc. (AOL) owns 10 percent of the company, 24/7 Media Inc. (TFSM) holds about 9.5 percent, and New World Infrastructure Ltd. has a 20 percent stake.
China.com operates four major Internet Web sites that offer Chinese and English language content and electronic mail. 
-- from staff and wire reports
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