1. Text: | Print|

      IPOs likely to resume in H2

      2013-06-28 09:13 China Daily Web Editor: qindexing
      1

      Small firms, miners expected to dominate potential list of offerings

      Initial public offerings are expected to resume in the Chinese mainland stock market in the second half, mostly driven by small enterprises, but the issues will have little impact on the A-share market, Ernst & Young said on Thursday.

      The draft of IPO issue reforms, released by the China Securities Regulatory Commission earlier this month, was "a big step" toward a market-oriented system, which is expected to lower the administrative limit and encourage more enterprises to go public based on their needs, the company said.

      In the first half, there were no IPOs in the mainland, as the CSRC suspended approvals for such issues in November.

      In January, the securities regulator began a re-examination of the financial records of enterprises waiting for IPOs.

      As of this month, 269 companies had withdrawn their applications, mostly because of unqualified financial reports. Just under 50 percent of the withdrawals were high-growth, high-tech enterprises aiming to debut on ChiNext, the Nasdaq-style board.

      According to the CSRC, 83 companies have passed the examination of the IPO committee and are waiting for the market to give an indication of their valuations.

      Terence Ho, the leader of Ernst & Young's greater China strategic growth markets practice, said that these 83 enterprises will raise 55.8 billion yuan ($9 billion).

      Mining companies will account for 31 percent of the total.

      The benchmark Shanghai Composite Index has been declining since June 3. So far this week, it has slumped 5.94 percent to a four-year low.

      "It may have delayed the restart of IPOs, which is expected to occur in July according to market signals, because of the current sluggish market that cannot provide satisfactory valuations," said Ho.

      The A-share slump has dragged Chinese companies out of the world's 10 biggest stocks by market value for the first time since 2006.

      In comparison, the US stock market has shown signs of a rebound.

      Chinese stocks in the US have been on an uptrend since April, and the index of Chinese telecommunications and technology companies showed a better performance in the second quarter compared with the first three months, Ernst & Young said.

      In the first half, only one Chinese company listed on the New York Stock Exchange, raising $79 million.

      The Hong Kong stock exchange raised $5 billion for 21 deals in the first half.

      Hoffman Cheong, assurance leader of China North at Ernst & Young, said that Hong Kong has recorded a 26 percent increase in capital raised in the first half, compared with a year earlier.

      "The stronger Hong Kong IPO market is due to stronger investor confidence, better economic fundamentals and supportive global monetary conditions," said Cheong.

      "Recent market volatility has delayed some IPOs, but historically there were IPO windows in the last four months in Hong Kong, and we expect this trend to continue.

      "Companies need to prepare earlier and be ready to move fast once a viable market window opens," he added.

      Lin Guoen, a partner at Deloitte China, said that the Hong Kong IPO listing situation could be better than the first half, although economic volatility and competition from other foreign stock exchanges may increase challenges.

      "Chinese enterprises still have a strong demand to raise funds from markets outside the mainland, and Hong Kong will be one of the most popular targets," Lin said.

      The yuan's further internationalization and improved IPO listing procedures will support more enterprises from the mainland that are looking for opportunities in Hong Kong, he added.

      According to Ernst & Young, global IPO activity has been stable in the second quarter, with 151 deals raising about $33.9 billion.

      Global IPO activity has been up 40 percent in terms of deal value but down 3 percent in terms of deal numbers in the second quarter, compared with the first three months.

      Comments (0)
      Most popular in 24h
        Archived Content
      Media partners:

      Copyright ©1999-2018 Chinanews.com. All rights reserved.
      Reproduction in whole or in part without permission is prohibited.

      主站蜘蛛池模板: 国产亚洲精品第一综合| 免费久久人人爽人人爽av| 亚洲一级黄色视频| 中文字幕免费视频精品一| 永久免费无码网站在线观看个| 国语成本人片免费av无码| 亚洲AV无码精品国产成人| A在线观看免费网站大全| 色婷婷六月亚洲综合香蕉| 亚洲精品蜜桃久久久久久| 久久国产一片免费观看| 亚洲成人网在线观看| 免费成人av电影| 久久久久久精品免费看SSS| 亚洲精品永久www忘忧草| 亚洲AV网站在线观看| 亚洲精品高清国产一久久| 成人黄软件网18免费下载成人黄18免费视频 | 国产成人精品曰本亚洲79ren| 99久热只有精品视频免费观看17| 亚洲A∨无码一区二区三区| 性xxxx视频免费播放直播| 久久综合亚洲鲁鲁五月天| 久久综合AV免费观看| 国产在线播放线91免费| 亚洲小说图区综合在线| 久久久亚洲精品视频| 免费观看日本污污ww网站一区| 一区二区免费在线观看| 91亚洲国产成人久久精品网址| 国产精品亚洲视频| av成人免费电影| 日韩亚洲国产综合高清| 亚洲激情视频在线观看| 亚洲午夜精品久久久久久浪潮| 黄页网站免费观看| 最近免费中文字幕mv电影| free哆拍拍免费永久视频| 亚洲av无码专区青青草原| 亚洲精品视频在线播放| 亚洲av无码一区二区乱子伦as |