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Autohome IPO Explodes On Chinese Car-Buying Potential, But Real Winner Is Australian

Autohome CEO James Zhi Qin is all smiles. Autohome, the Chinese auto information website, popped over 75 percent after its initial public offering Wednesday. Investors were eager t... More Autohome CEO James Zhi Qin is all smiles. Autohome, the Chinese auto information website, popped over 75 percent after its initial public offering Wednesday. Investors were eager to profit off booming car sales in China. So shares surged above $30 at points, way up from the $17 offering price. But the biggest winner of the day was Autohome’s surprising controlling owner, Telstra. The Australian telecom and media company bought a 55 percent stake in Autohome's parent company in 2008 for $76 million. After the IPO, Telstra will own 66.2 percent of Autohome, worth over $2 billion. Autohome claims to be “the leading online destination for automobile customers in China” through their two websites, autohome.com.cn and che168.com. Less

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