Hong Kong, May 6, 2010 - AIF Capital extends congratulations to Charm Communications, a portfolio company that AIF Capital Asia III, L.P. invested in August 2008, on its successful listing on Nasdaq on May 5, 2010.
Charm Communications, which is headquartered in Beijing and incorporated in Cayman Islands, places advertisements for clients on an array of television channels, including China Central Television and satellite and regional television channels, and, on a smaller scale, on other media platforms such as internet and outdoor media.
Charm Communications, which aims to become China's largest domestic television-advertising agency, plans to use the proceeds from the IPO to fund its expansion. It will acquire advertising media resources on television channels and new media platforms for its media investment-management business.
AIF Capital Asia III, L.P. invested US$20 million in Charm Communications in August 2008. The IPO price of US$9.5 per ADR represents approximately a 19% premium to the fund’s investment cost.