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News of huge IPOs spooks investors
By Feng Jianmin and Hu Xiaocen |
December 23, 2011, Friday
|
Print Edition
Print Edition
THE Shanghai stock market yesterday fell for the fourth consecutive day as investors were spooked by news that "300 billion yuan" may be raised from IPOs next year, while a credit crunch is expected to loom at the year end.
The Shanghai Composite Index edged down 0.2 percent to 2,186.3 points.
A number of small and medium private firms are set to list on the A-share market in the first half of 2012, said a report by Ernst & Young released on Wednesday.
"We project that more than 280 billion yuan (US$44 billion) would be raised from the A-share market in 2011," Wang Yang, a partner of Ernst & Young. "The figure will grow to 300 billion yuan in 2012."
There were also worries about a liquidity crunch as banks would usually absorb as much cash as they can to meet the year-end capital adequacy target.
The People's Bank of China has approved China Minsheng Banking Corp to issue bonds worth 50 billion yuan in the interbank bond market, while the Industrial Bank and Shanghai Pudong Development Bank have both applied to issue 30 billion yuan of bonds to support lending to small and medium enterprises.
The Shanghai Composite Index edged down 0.2 percent to 2,186.3 points.
A number of small and medium private firms are set to list on the A-share market in the first half of 2012, said a report by Ernst & Young released on Wednesday.
"We project that more than 280 billion yuan (US$44 billion) would be raised from the A-share market in 2011," Wang Yang, a partner of Ernst & Young. "The figure will grow to 300 billion yuan in 2012."
There were also worries about a liquidity crunch as banks would usually absorb as much cash as they can to meet the year-end capital adequacy target.
The People's Bank of China has approved China Minsheng Banking Corp to issue bonds worth 50 billion yuan in the interbank bond market, while the Industrial Bank and Shanghai Pudong Development Bank have both applied to issue 30 billion yuan of bonds to support lending to small and medium enterprises.
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