Weak US IPO demand hits Chinese firms' listings

China Nuokang Bio-Pharmaceutical performed poorly on its NASDAQ trading debut on Thursday, closing down 3.7% to US$8.67 after falling more than 11%, Reuters reported. Nuokang's shares, trading under the symbol NKBP, had been priced at US$9 per share, below their expected range of US$10-12. Net proceeds from the offering totaled US$32.9 million, the company said. Weak US demand for initial public offerings prompted Shenzhen-based solar company Trony Solar Holdings to indefinitely postpone its IPO plans. Analysts said concern about future profit growth in an increasingly crowded solar market also played a role in its decision.