U.S. investors on Tuesday had not yet settled on a starting price for shares of China Mobile Games and Entertainment Group (CMGE), which on Tuesday became the first Chinese company to list on the Nasdaq in 2012 and the second Chinese stock to list in the U.S. market this year.

The company says it's the top mobile gaming company in China by revenue, with 18.7% of that market's mobile games revenue in 2011.

That's up from 18.3% in 2011, Hendrick Sin, the company's vice chairman, told Investor's Business Daily via phone from New York, where executives were visiting the Nasdaq.

As of Tuesday's close, investors had put in a high bid price of 3.90 per share, not close to the ask price of 40.

"The market is trying to find the right valuation," Sin said.

Profit in 2011 was $26 million, says Sin.

"For some companies trying to come to the U.S., I think they have a concept," he said. "But for us, we are already a leader in our industry. We are not a concept. We already have market share; we have profitability."

The company partners with Walt Disney (DIS) for games in China, says Sin. Based in Guangzhou, China, the company has 391 local employees.

Unlike other Chinese companies who went public in the United States through Initial Public Offering (IPO) or Reverse Merging (RM), CMGE arrived on the NAS by way of introduction without any financing activities, according to the company.

Zhang Lijun, the company’s Chairman, told a reporter in an interview that the company has no urgent need for funding at the time and he regarded the current listing as a way to expand the company’s brand among game developers, distributors and users both at home and abroad.

The company is willing to finance in the US market when the environment toward Chinese companies becomes more favorable.

CMGE is the 1st Chinese company to list on the NAS and the 2nd to go public in the US financial market this year.

Prior to that, only Vipshop Holdings (NYSE:VIPS) a Guangzhou-based online retailer, got listed on the New York Stock Exchange in March, reflecting the challenges Chinese companies were facing after lots of accounting fraud accusations.