Venture capitalists cashed in on Chinese investments last week with two debuts on U.S. exchanges that met with a mixed reception.
Shares of Beijing-based ChinaEdu tumbled close to 20% in first day trading Tuesday, a rough day for the broader markets, but made up for much of the loss later in the week. The company priced its 6.8 million share offering at $10 per share, which was at the low end of its anticipated range.
Still, it looks to be a decent liquidity event for venture backers. The PE-backed company raised $28 million in funding between 2004 and 2007. Private equity investor
VanceInfo Technologies had a better first day on the public markets. The company priced its 7.65 million share offering Wednesday at $8.50 per share, the middle of its proposed range. Shares soared 15% in first-day trading to close just under $10.
Previously the Beijing-based company had raised $32 million from private backers. Venture investors, including