Sina.com (Nasdaq: SINA) rose 3 11/16 to 20 11/16 on its first day of trading, even as other Internet shares sank.
The company, which bills itself as “a leading Internet destination network for Chinese communities worldwide,” offers news, e-commerce and other Internet services. 4 million shares were sold through Morgan Stanley & Co. and China International Corp. Ltd.
China.com has four Chinese-language Web sites produced in China, Hong Kong, Taiwan and North America. Page views in February averaged 16.6 million, and the sites had 3.1 million registered users, the company said. China.com said it plans to use proceeds from the IPO for “working capital and other general corporate purposes.”