NetQin Mobile (NQ.NYSE), a Chinese internet-security software maker, saw its share price fall 19% from its offering price on Thursday – the steepest first-day decline of any US initial public offering this year, the Wall Street Journal reported. NetQin’s stock closed at US$9.30 per share on its first day of trading, after the company generated US$89.7 million by pricing at the high end of its US$9.50 to US$11.50 price range. The decline was the sharpest day-one drop since shares of Chinese mobile application provider Sky-mobi (MOBI.NASDAQ) sank 25% in its December debut. NetQin has recorded rising revenue but also worsening operating and net losses in recent years. The company has also dealt with negative publicity in the last few months from allegations that it uploaded malware and viruses to mobile phones to promote its security products. Shares of Chinese social networking company Renren Inc. (RENN.NYSE) also lost ground on Thursday, but still remained above the company’s US$14 IPO price.
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