4 IPOs in HK as mainland freeze remains

By Vera Ye | August 1, 2013, Thursday |

Online Edition

Only four Chinese companies floated initial public offerings in Hong Kong in July as the IPO market on the mainland remained in a freeze, according to an industry report.

All the four companies raised a total of US$255 million, 93.2 percent lower than that raised by Chinese firms a year earlier, the Zero2IPO Research Center said in a report yesterday.

The combined proceeds fell 54.1 percent from June as three of the four were small-cap firms in the sectors of IT, media and packaging, the report said.

Only one of the new listings was backed by venture capital, generating a return of 4.28 times.

New share offering on the Chinese mainland has stalled for eight months. As of July 25, 746 companies were waiting for approvals from the securities regulator to launch IPOs on the Shanghai and Shenzhen stock exchanges.

“The number of pending IPO applicants hasn’t risen for three weeks because some companies are forced to suspend application due to a sluggish economy and a stiffer scrutiny,” the Zero2IPO said.

The Beijing-based research firm expected the securities regulator to further postpone the reboot of IPO, which would give a heavy blow to the A-share market that is already burned by the economic slowdown.

Finance

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4 IPOs in HK as mainland freeze remains

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