John Burbank, Passport Capital Initiate Stake in Post-IPO Sungy Mobile Ltd (GOMO)

John Burbank‘s hedge fund Passport Capital, has added to its equity portfolio a new public company Sungy Mobile Ltd (NASDAQ:GOMO). A new filing with the Securities and Exchange Commission revealed Passport Capital owning 5,400,000 Class A Shares, which represent 12.8% of the class. The shares are held by Burbank’s fund via 900,000 ADR shares.


Sungy Mobile went public last Friday, Burbank acquiring the shares on the day of the IPO. Since then the shares of the company gained around 13%.  Under the terms of the IPO, the company issued 7.0 million American Depositary shares, each representing six class A shares of the company. The price amounted to $11.22 per one American Depositary Shares. The total value of the offering amounts to $78.5 million. At the same time, the company offered an underwritten option, which allows additional 1.1 million American Depositary shares to be purchased.

Sungy is a China-headquartered company, which is specialized in developing applications for mobile platforms, one of its well-known products being GO Launcher EX, which manages apps and functions on Android phones.

It is not the first time this month when Burbank expresses his interest in a Chinese, recently public company. At the beginning of November, Burbank revealed holding 11.8% of Inc (NYSE:WUBA), just a couple of days after the company conducted its IPO. Later, Passport raised its exposure to the company even higher, after purchasing shares issued in the over-allotment option.

In the latest round of 13F filings, Passport revealed its largest stake in Cytec Industries Inc (NYSE:CYT). The position amasses 2.1 million shares, worth $172 million. Smaller stakes, the fund disclosed in McGraw Hill Financial Inc (NYSE:MHFI), and DIRECTV (NASDAQ:DTV) – $115.9 million, and $95.7 million respectively. Burbank’s fund holds 1.8 million shares of McGraw Hill Financial and 1.6 million shares of DirectTV respectivelly.

Disclosure: none

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