Biz Scene: MARKET

Focus Media Q4 lucrative

Chinese advertising network Focus Media Holding Ltd said its quarterly profit more than tripled.

Fourth-quarter net profit rose to $30.1 million, or 55 cents per diluted share, from $9.4 million, or 23 cents per diluted share, the company said.

Pharmaceutical IPO

Tongjitang Chinese Medicines Co, a specialty pharmaceutical firm, said it is planning an initial public offering (IPO) of about 9.9 million American depositary receipts (ADR).

The price is expected to range from $15 to $17 per ADR, according to a preliminary document filed with the US Securities and Exchange Commission. Merrill Lynch & Co, UBS Investment Bank and CIBC World Markets will underwrite the proposed IPO, the Shenzhen-based company said.

(China Daily 02/28/2007 page15)