Top IPOs of 2010 Share China as Theme

By Jon C. Ogg, 24/7 Wall St.

NEW YORK ( TheStreet) -- There are many companies waiting to go public in 2010 with just under two months until the end of the year. So far, the year's top performers share a theme: China, or nearby ties.

The list has new entrants compared to the top initial public offerings as of a month ago. Here are some quick fundamentals, trends and performance on each.

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JinkoSolar ( JKS) is a Chinese solar company. It has been one of the top solar stocks after releasing earnings -- it blew by analysts' estimates, raised guidance and even had growing margins. The May IPO came at $11 after the company had withdrawn a share sale, and the IPO price was at the bottom of the range. Shares traded as low as $8.23 at the peak of selling.

The rally and a solar recovery caused a surge of interest, and now shares are flirting with $36 for gains of close to 250% from the IPO.

HiSoft Technology International ( HSFT) has gained nearly 165%. The deal came public at the end of June at $10 per share, and it traded under that amount briefly. Now shares sit at $26.36, and the stock has traded as high as $28.40. HiSoft, an IT-outsourcing operation, rallied significantly in August and September. HiSoft is located in China, not the outsourcing capital also known as India, and it is still considered a micro-cap stock.

Qlik Technologies ( QLIK) went public in July, a time when markets were recovering after a big sell-off. The business-analytics-software maker priced at $10. With shares at $24.84 and a high of $27.70, this has been a solid performer with gains of nearly 150% from the IPO price. Valuations are still high, and the market cap is $1.92 billion. The company may be trading at a premium because business-software providers tended to be acquisition targets.

China New Borun ( BORN) is an overlooked IPO. The company is a play on alcoholic beverages in China, which makes a corn-based alcohol used by distilleries to make baijiu, a type of liquor. The IPO priced way under its initial indications due to market conditions, with a $7 price tag versus prior ranges of $12 to $14 and then $8 to $9.

While this was a poor IPO price for the Chinese company, it has been a home run for investors who reasoned that the Chinese would start drinking more as they have the means to do so. The amazing issue is that the company traded briefly under $5, and shares had been up nearly 200% from its IPO at a peak $20.50 shortly after Investors Business Daily gave it the No. 1 position in the IBD 100. With shares at $15.03, this is still holding gains of more than 110% from the IPO. The market value is just under $400 million.

MakeMyTrip ( MMYT) may be off its highs, but the Indian travel-destination provider has continued to hold much of its gains. Shares priced at $14 in August. At $33.85, it's up more than 140% from the IPO price. The stock has been as high as $42.

Molycorp ( MCP) is the come-from-nowhere IPO that does not even have real operations. The U.S. "rare earth" company won't even have full operations until the end of 2011. China's limit in rare-earth materials, along with a new rare earth ETF, give this one a floor. Molycorp traded under its $14 IPO price and soared to $40 briefly. It's now at $33.75.

AutoNavi ( AMAP) is a Chinese company that provides global positioning and navigation services for cars. That has kept its cell-phone and smartphone competition more limited compared with Garmin ( GRMN) in the U.S. AutoNavi went public July 1 in the peak-selling week of summer, and shares are up over 70% at $21.55 versus its $12.50 IPO price. The low was $12.62.

The China, or Asia, theme is hard to ignore among the top IPO winners. These 100%-plus gainers are impressive.

-- Written by Jon C. Ogg of 24/7 Wall St.

24/7 Wall St. is an independent financial news and and opinion Web site focused on the U.S. and global equity markets. The site covers topics ranging from stock and sector news and market commentary to financial analysis and industry research. 24/7 Wall St.'s articles are published by the leading financial networks, including TheStreet, Marketwatch, AOL's Daily Finance, Morningstar, Smart Money and Yahoo! Finance.

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