NetQin, a China-based mobile device security provider subsequently renamed NQ Mobile, has raised $89m in its New York Stock Exchange flotation. NetQin sold 7.75 million American depositary shares, each representing five class A common shares, at $11.50 each. Venture capital firms GSR (22.6% pre-IPO), Ceyuan (16.3%) and Sequoia (9.7%) were listed in NetQin’s regulatory filing, while other shareholders include chip maker Qualcomm’s corporate venturing unit and Taiwan-based consumer goods maker HTC. In its filing, NetQin said it raised $10.75m in its series A round in June 2007, $12.5m in its B round in December 2007 and $31.4m in its extended C round in 2010, when Qualcomm was listed as an investor. Investment bank Piper Jaffray acted as sole bookrunner and peers Oppenheimer and Canaccord Genuity acted as co-managers for the initial public offering.

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