This is a classic Internet company and they will be burning cash like there's no tomorrow. But the deal is programmed to explode on its first day with 3.5 million shares priced between $12 and $14.

They are a closet Internet company, much like Fed Ex.

We are not used to looking at a company this good.

They were having some difficulty getting this deal done because the company is very highly leveraged. It's a very risky deal, and if it weren't for the superstar management team, no one would pay attention to it.

The gloss is off the China ISPs.

I'm expecting a modest first day ... gain of 5 to 15 percent.