China Xiniya's IPO underwhelms

The initial public offering of men’s clothing producer China Xiniya Fashion (XNY.NYSE) had rather disappointing results on the New York Stock Exchange, Dow Jones Newswires reported. The stock was off almost 10% from its opening price on Tuesday. Xiniya sells its clothing in retail and department stores, and concentrates on second and tertiary cities in China, where it anticipates growing demand from the nascent middle class. The company was ranked fifth in retail sales for the men’s business casual wear in China during 2009, according to research firm Frost & Sullivan. Total revenue at the company climbed 36% during the first nine months of 2010. The US IPO market has been especially jittery in recent weeks, and many prospective Chinese IPOs have been withdrawn, citing unfavorable market conditions.