IPO proceeds dive 86%
By Lydia Chen |
August 3, 2011, Wednesday
|
Print Edition
Print Edition
THE total capital raised from initial public offerings in the Chinese mainland and Hong Kong markets plunged nearly 86 percent from a year ago in July because of accounting scandals at several foreign-listed Chinese companies, which have turned investors lukewarm toward such listings.
Thirty-five companies debuted in the two markets last month, raising a total of 22.74 billion yuan (US$3.53 billion), an annual plunge of 85.56 percent, China Venture's report released yesterday said. In contrast, 35 firms raised 36.43 billion yuan in June.
Investors turned cold towards Chinese IPOs because several overseas-listed Chinese companies were hit by fraud allegations, according to the report.
Twenty of the new listings last month chose to list on ChiNext and the small- and medium-sized enterprise board in Shenzhen while 15 firms listed in Hong Kong. None chose to list in the United States, where several Chinese firms have been delisted or suspended from trading because of murky accounting accusations.
Thirty-five companies debuted in the two markets last month, raising a total of 22.74 billion yuan (US$3.53 billion), an annual plunge of 85.56 percent, China Venture's report released yesterday said. In contrast, 35 firms raised 36.43 billion yuan in June.
Investors turned cold towards Chinese IPOs because several overseas-listed Chinese companies were hit by fraud allegations, according to the report.
Twenty of the new listings last month chose to list on ChiNext and the small- and medium-sized enterprise board in Shenzhen while 15 firms listed in Hong Kong. None chose to list in the United States, where several Chinese firms have been delisted or suspended from trading because of murky accounting accusations.
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