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Shenzhen bourse may repeat act
By Lydia Chen |
September 28, 2011, Wednesday
|
Print Edition
Print Edition
THE more than 300 new initial public offerings expected to debut on the Shenzhen Stock Exchange during the remainder of this year may see the bourse repeat its stellar performance before its bigger Shanghai rival, a senior official has said.
The exchange in south China's Guangdong Province also has two other boards which have helped it come out from the shadow of the Shanghai Stock Exchange, according to market observers.
Despite market turmoil, the exchange is likely to outperform the Shanghai Stock Exchange in terms of IPO numbers this year, Wu Yun, vice director of the bourse's Shanghai office, told the annual China International Finance Forum, which ended on Monday in Shanghai.
A total of 179 companies had debuted on the Shenzhen bourse by September 16 and raised nearly 112.32 billion yuan (US$17.6 billion) - the fourth-highest in the world.
In contrast, there were only 29 new listings on the Shanghai market and they raised nearly 51.15 billion yuan in proceeds in the same period.
The Shenzhen exchange led the world in terms of new listings with 321 last year. The new IPOs netted a total of US$43 billion
The Shenzhen exchange now has 1,360 firms listed on its main board, the small and medium enterprise board and the ChiNext, a Nasdaq-style board. The rising strength of SME and ChiNext boards helps the Shenzhen exchange to eclipse its Shanghai rival.
A total of 612 firms are now listed on the SME board, 75 percent of them from the manufacturing industry, Wu said. The average price-to-earnings ratio for each IPO on the SME board is around 39.65 times, he said, while the average PE ratio for the 264 firms listed on ChiNext is about 55 times this year.
The average PE ratio for new stocks on Shanghai's main board is only 20 times.
The exchange in south China's Guangdong Province also has two other boards which have helped it come out from the shadow of the Shanghai Stock Exchange, according to market observers.
Despite market turmoil, the exchange is likely to outperform the Shanghai Stock Exchange in terms of IPO numbers this year, Wu Yun, vice director of the bourse's Shanghai office, told the annual China International Finance Forum, which ended on Monday in Shanghai.
A total of 179 companies had debuted on the Shenzhen bourse by September 16 and raised nearly 112.32 billion yuan (US$17.6 billion) - the fourth-highest in the world.
In contrast, there were only 29 new listings on the Shanghai market and they raised nearly 51.15 billion yuan in proceeds in the same period.
The Shenzhen exchange led the world in terms of new listings with 321 last year. The new IPOs netted a total of US$43 billion
The Shenzhen exchange now has 1,360 firms listed on its main board, the small and medium enterprise board and the ChiNext, a Nasdaq-style board. The rising strength of SME and ChiNext boards helps the Shenzhen exchange to eclipse its Shanghai rival.
A total of 612 firms are now listed on the SME board, 75 percent of them from the manufacturing industry, Wu said. The average price-to-earnings ratio for each IPO on the SME board is around 39.65 times, he said, while the average PE ratio for the 264 firms listed on ChiNext is about 55 times this year.
The average PE ratio for new stocks on Shanghai's main board is only 20 times.
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