ChinaCache (NASDAQ:CCIH) is a Chinese company which provides internet content and application delivery services to governments and businesses in China. The company owns a series of networks, servers, and software which allow them to host and serve websites and web applications for organizations whose audiences are in China. Unlike most other internet delivery services, ChinaCache is internet carrier neutral and has networks which are interconnected to all carriers.
The company hopes that the rise of China's middle class and the increased broadband internet connection in China will foster growth. According to the market research firm Frost & Sullivan, the internet content and application delivery market is expected to continue to grow by a compounded annual gross rate of 28.3% from $1.3B in 2009 to $2.3B in 2012.
The company's initial public offering of stock on the NASDAQ and occurred on September 30, 2010. Its initial price range was $10-$12, and the stock priced far above the range at $13.90. The company sold 6M ADS shares and raised $84M. The lead underwriters were Bank of America (BAC) and Deutsche Bank AG (DB).
The company's 2009 total revenue was 272M RMB, which represents a 6.5% drop from the 2008 figures of 291M RMB. However, the company was able to significantly cut its cost of revenue. This caused net loss to improve from -152M RMB to -39M RMB.