IPO ALERT: China Real Estate Information Involves Other Companies (CRIC, EJ, SINA)

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By Douglas A. McIntyre Updated Published
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China Real Estate Information Corporation (NASDAQ: CRIC) has priced its 18 million share initial public offering at $12.00 per share.  While this is not an easy structure, this IPO has ramifications for two other big Chinese public companies.  CRIC is a subsidiary of E-House (China) Holdings Limited (NYSE: EJ) and it will merge with the online real estate business of SINA Corporation (NASDAQ: SINA) effective as of the closing of CRIC’s IPO.

This IPO was in the middle of the pricing range of $11.80 to $13.80 that had been indicated.  Credit Suisse and UBS were the joint book-runners on the deal, and these underwriters were given a 30-day option to buy up to 2,700,000 additional ADSs from CRIC to cover over-allotments.

E-House will be the majority shareholder of CRIC and SINA will be the second largest shareholder of CRIC.  All shares being sold in the IPO are being sold by the company.

China Real Estate Information is a provider of real estate information and consulting services with a presence in over 50 cities across China with a database and contact base which provides a broad range of real estate-related services to developers, suppliers, agents, brokers, service providers and individual consumers.

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JON C. OGG
OCTOBER 16, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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