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Originally published Tuesday, November 23, 2010 at 8:46 AM

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China Xiniya launches IPO at $11 per share

China Xiniya Fashion says it launched its IPO at $11 per share Tuesday, and the stock remained relatively stable in morning trading.

The Associated Press

NEW YORK —

China Xiniya Fashion says it launched its IPO at $11 per share Tuesday, and the stock remained relatively stable in morning trading.

Shares fell 17 cents, or just under 2 percent, to $10.83 in morning trading.

The company could raise gross proceeds of $88 million from the IPO of 8 million American Depositary Shares. Each ADS is equal to four ordinary shares of the China-based men's clothing company.

The company said it would use net proceeds for a mix of new facilities, marketing and research and development.

China Xiniya Fashion said Tuesday that it gave the underwriters a 30-day option to buy up to an additional 1.2 million ADS to cover excess demand.

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