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Tide turns on Chinese IPOs
By Lydia Chen |
September 1, 2011, Thursday
|
Online Edition
Online Edition
THE scale of Chinese company initial public offerings has slumped to the lowest in two years in August as distrust over China-concepts lingers and overseas markets are driven down by debt fears, China Venture reported today.
The number of Chinese firms that got listed on global main boards in August fell to a two-year low of 26, nine short of the same period last year, the report said.
Chinese online video company Tudou, now Nasdaq-listed, was the only Chinese firm that listed on an overseas market last month, while all the other 25 firms chose to debut on mainland markets, according to the report.
Tudou raised US$170 million from the Nasdaq debut, which means all the money raised from overseas markets by Chinese firms was merely 1.1 billion yuan (US$170 million) in August, a nearly 67 percent fall from a year ago and a shrinkage of 90.1 percent from a month earlier, the report said.
"This shows foreign financial institutions are not really interested in Chinese plays any more," the report said, adding that this is a result of the accounting scandals that broke out among some overseas-listed Chinese listed early this year.
"The IPO door to Chinese firms in overseas markets is basically now closed," it added.
Total amount raised from the IPOs globally slumped 45.6 percent from a year ago to 27.24 billion yuan in August, China Venture said.
The manufacturing industry had the most debutants with 11 firms from the sector listing, raising a total of 9.73 billion yuan while the IPO launch of Founder Securities on the Shanghai Stock Exchange helped the financial industry secure the second biggest winner in terms of the scale of raised funds at 5.85 billion yuan, the report said.
The number of Chinese firms that got listed on global main boards in August fell to a two-year low of 26, nine short of the same period last year, the report said.
Chinese online video company Tudou, now Nasdaq-listed, was the only Chinese firm that listed on an overseas market last month, while all the other 25 firms chose to debut on mainland markets, according to the report.
Tudou raised US$170 million from the Nasdaq debut, which means all the money raised from overseas markets by Chinese firms was merely 1.1 billion yuan (US$170 million) in August, a nearly 67 percent fall from a year ago and a shrinkage of 90.1 percent from a month earlier, the report said.
"This shows foreign financial institutions are not really interested in Chinese plays any more," the report said, adding that this is a result of the accounting scandals that broke out among some overseas-listed Chinese listed early this year.
"The IPO door to Chinese firms in overseas markets is basically now closed," it added.
Total amount raised from the IPOs globally slumped 45.6 percent from a year ago to 27.24 billion yuan in August, China Venture said.
The manufacturing industry had the most debutants with 11 firms from the sector listing, raising a total of 9.73 billion yuan while the IPO launch of Founder Securities on the Shanghai Stock Exchange helped the financial industry secure the second biggest winner in terms of the scale of raised funds at 5.85 billion yuan, the report said.
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