By Tiernan Ray
Shares of Sky-Mobi (MOBI), a Chinese “App Store” for mobile devices based in Hangzhou, is struggling in its first day out of the gate: the stock priced at $8, at the low end of a projected $8 to $10 range, and is now down $1.29, or 16%, at $6.71.
The firm, founded in 2005, and which got funding from U.S. venture capital firm Sequoia Capital, develops its own ANSI C software layer, called “Sky Engine,” to run video games and novel user interfaces in what the company calls “harsh hardware environment.”
But the real focus seems to be the company’s consumer app store, called “Maopoa,” which is designed to host downloads on various handsets with different operating systems, claims 479 million cumulative users through September, 770 applications, and 61,000 content titles.
The company’s revenue rose 40%, it says in its prospectus, in the six months ending September, to $50 million.
Article via Mobi
