BEIJING, Dec. 6 /Xinhua-PRNewswire/ -- VisionChina Media Inc., one of China's largest mass transportation mobile television advertising networks, today announced that its initial public offering of 13,500,000 American Depositary Shares ("ADSs"), each representing one common share of the company, was priced at an initial public offering price of $8.00 per ADS. The ADSs will begin trading on the Nasdaq Global Market on December 6, 2007 under the ticker symbol "VISN."
VisionChina will sell 13,500,000 ADSs in this offering. Some shareholders of VisionChina have granted the underwriters a 30-day option to purchase up to 2,025,000 additional ADSs to cover over-allotments.
Credit Suisse and Merrill Lynch & Co. acted as joint book runners and lead managers. CIBC World Markets and Susquehanna Financial Group, LLLP acted as co-managers for the offering.
VisionChina's registration statement relating to these securities has been declared effective by the United States Securities and Exchange Commission. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering of the securities is made only by means of a prospectus forming a part of the effective registration statement. A copy of the prospectus relating to the offering may be obtained by contacting Credit Suisse by mail, Attn: Prospectus Department, One Madison Avenue 1B, New York, New York 10010 or Merrill Lynch by mail, Attn: Prospectus Department, 4 World Financial Center, New York, New York, 10080.
About VisionChina Media, Inc.
VisionChina operates an out-of-home advertising network on mass transportation systems in China that reaches approximately 26 million viewers each day, according to CTR Market Research. Through approximately 33,000 mobile digital displays on mass transportation systems in 14 of some of China's most affluent cities, VisionChina has the unique ability to deliver real-time, location-specific broadcasting including news, stock quotes, weather and traffic reports and other entertainment programming.
For investor and media inquiries, please contact:
In China:
Mr. AJ Wang
Senior IR Manager, VisionChina Media, Inc.
Tel: +86-10-8418-6339
Email: aj.wang@visionchina.cn
Mrs. Helen Plummer
Ogilvy Public Relations Worldwide (Beijing)
Tel: +86-10-8520-3090
Email: helen.plummer@ogilvy.com
In the United States:
Mr. Jeremy Bridgman
Ogilvy Public Relations Worldwide (New York)
Tel: +1-212-880-5363
Email: jeremy.bridgman@ogilvypr.com
