Perhaps it should not be a surprise. In the midst of a global capital shortage, the first company to list this year on New York’s NASDAQ exchange not only needs no money; its source of profit is receiving cash for items that do not exist.Changyou is a three-year-old online-gaming business being spun out of Sohu, China’s second-largest internet portal. The deal was due to be priced on April 2nd, as The Economist went to press, in a nostalgic reminder of what the stockmarket used to look like. At the top of the expected price range Changyou will be valued at about $820m, after a special distribution of $100m to its parent. The opening price may be higher still, given strong demand.
http://www.economist.com/business/displaystory.cfm?story_id=13415293
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