Marbridge Daily

<- February 20, 2012 ->

AdChina Files for IPO on Nasdaq

SEC, 2/17/12

Shanghai-based online advertising firm AdChina has filed its IPO prospectus with the Securities and Exchange Commission (SEC) to list Class A ordinary shares on the Nasdaq Global Market under the ticker symbol "ADCN." The IPO is being underwritten by Goldman Sachs Asia and Credit Suisse.

AdChina derives substantially all of its revenues from the provision of internet advertising services and solutions, with revenues growing from USD 2.77 mln in 2008 to 10.80 mln in 2009, USD 27.27 mln in 2010, and USD 50.70 mln in 2011, for a three-year CAGR of 116.6%.

Net losses were USD 3.03 mln for calendar year 2008, USD 2.43. mln for 2009, USD 3.02 mln for 2010, and USD 18.56 mln in 2011.

AdChina's online platform reached 486 mln monthly unique visitors in December 2011 according to DCCI, and its mobile platform provided its advertisers with access to 249 mln monthly unique visitors in December 2011. The company's online publisher base comprised 409 publishers in China, including 20 of the top 50 websites in China according to as of February 1, 2012.

AdChina's integrated internet advertising platform comprises software and related technical support services that automatically deliver targeted advertisements from advertisers to websites or mobile apps or sites of publishers with whom it has contractual arrangements. The core component of the company's platform, its AdChina AdManager system, tracks available advertising space from publishers, processes orders from advertisers, analyzes audience data and matches advertisements to their target audience across the entire range of AdChina's publisher base. The company has extended the reach of its AdChina AdManager system by providing a hosted demand platform for advertising agencies and advertisers and a separate hosted supply platform for internet publishers that operate online websites or mobile apps or sites addressing mobile device access.

The company has grown its stable of advertisers from 139 in 2009 to 264 in 2010 and 452 in 2011, for a three-year CAGR of 80.3%.

To view AdChina's full IPO prospectus, please click here.

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