Deals
China’s Sky-mobi, Bona Post Biggest 1st-Day U.S. Slumps of 2010
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China’s Sky-mobi Ltd. and Bona Film Group Ltd. posted the biggest first-day declines since 2007 in U.S. trading following their initial public offerings this week, renewing a slump in IPOs by mainland companies.
Sky-mobi, the operator of China’s largest mobile application store by sales, slid 25 percent in Nasdaq Stock Market trading yesterday. Bona Film, the country’s biggest privately-owned film distributor, fell 22 percent a day earlier. Those were the steepest first-day retreats on New York exchanges since Beijing-based Agria Corp. sank 27 percent on Nov. 7, 2007, data compiled by Bloomberg show.