VanceInfo(VIT) announced that their underwriters had exercised the option to buy the shares set aside for over-allotment.  According to their press release:

…the over-allotment option granted by the Company to the underwriters for the purchase of 1,147,500 additional American Depositary Shares (ADSs) was exercised in full on December 17, 2007 by the underwriters Citi and Merrill Lynch & Co.

The sale complements the initial public offering by the Company on December 11[sic], 2007. As a result of the initial public offering and the over-allotment option, 8,797,500 ADSs are now held publicly and the aggregate offering amount is US$74,778,750.

I don’t know why the press release gives the date of the offering as “December 11, 2007″.  I believe that the offering actually took place on December 12, 2007.

Of course, VanceInfo didn’t actually add $75M to their war chest.  According to their filing:

(…collectively, the “Selling Shareholders”) propose to sell to the several Underwriters 1,350,000 Ordinary Shares

If we subtract the proceeds that went directly to the “Selling Shareholders”, the company actually brought in $63,303,750 (before expenses related to the offering).

As we reported earlier, the company priced at $8.50/ADS, but the stock jumped to $9.50 almost immediately upon opening on December 12, 2007.  It reached $10.95 a couple of days later (Friday, December 14, 2007).  Unfortunately, this hasn’t been such a good week.  The stock closed today at $8.51.

Longtop Financial Technologies, Ltd.(LFT) has also experienced some bumps.  After pricing at $17.50 (above the originally expected price range) in October, the stock closed up 85% at $32.40 on it’s first day of trading.  Today the stock closed at $20.49.  It actually traded as low as $19.25 on November 12, 2007.  I hope that the genius market bloggers that pumped this stock based on its early performance have re-evaluated their positions.  Of course, Deutsche Bank started LFT at Buy on December 4, 2007.  Jeffries also started them at Buy on the same day.  Avondale started them at Market Outperform on November 30, 2007.  So maybe I’m just missing something.

I guess that we’re still trying to figure out whether investing in these situations is investing, or gambling…

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