Techfaith raises US$142m

Beijing-based mobile handset designer China Techfaith Wireless Communication Technology raised US$142m in an initial public offering on the US Nasdaq exchange, selling 8.72 million shares at US$16.25 each, Reuters reported. Techfaith said the funds would finance its R&D and sales network expansion and its production facility in China. Separately, Nasdaq said the number of Chinese companies listed on the exchange would double to 40 by year-end.