Back to the future. China, source of some of the world's biggest initial public offerings in recent years, is preparing to unleash another blockbuster. China Construction Engineering Corp's planned IPO is expected to raise about $6bn. This would be China's fourth largest IPO and the biggest in the world so far this year behind Visa of the US.
Market dynamics, however, could not be more different from last year, when IPOs raised $63bn, according to Dealogic. That year, the Shanghai composite index of renminbi- denominated “A” shares almost doubled. Selling stock was like handing candy to children: oversubscription levels were massive and investors were rewarded with an average 150 per cent gain on the first day of trading. This year, by contrast, the index is down about 40 per cent and daily turnover has slumped.
Chinese authorities, exploiting the power granted to regulators in what is still – when required – a command economy, have sought to prop up prices. Brakes put in place as the market roared ahead last year, including the introduction of a share trading tax, were swiftly dismantled on the way down. In April, authorities moved to curb sales of state-owned shares, partially unwinding reforms of state-owned shares in 2005.
Meanwhile, authorities are aiming to pique interest by introducing activities such as margin lending. The orchestrated balance between supply and demand, however, is imperfect. When the market was resurgent, the fledgling fund management industry found it easy to attract investors: Z-Ben, a fund management consultancy, says fund managers were able to pull in $1.5bn in a day; now it takes a month to raise just a fraction of that. Yet some 50 new funds have been approved so far this year, more than were approved in the whole of last year. The vast majority of these are equity-focused. Regulators have more tweaking to do before Shanghai regains its allure
回到未來。作為近年來一些全球規(guī)模首次公開發(fā)行(IPO)發(fā)源地的中國，正在籌備另一家巨無霸公司的上市。中國建筑股份有限公司(China Construction Engineering Corp)計(jì)劃進(jìn)行的IPO有望籌集約60億美元。這將是中國第四大規(guī)模的IPO，也將是今年以來僅次于美國Visa的全球規(guī)模IPO。
然而，市場格局已與去年截然不同。Dealogic數(shù)據(jù)顯示，IPO募資額去年達(dá)到630億美元。去年，追蹤以人民幣計(jì)價的A股表現(xiàn)的上證綜合指數(shù)幾乎上漲一倍。出售股票就像請小孩吃糖一樣容易：超額認(rèn)購率非常之高，投資者在股票上市首日的平均回報率為150%。相比之下，上證綜合指數(shù)今年下跌了40%，日成交量也明顯萎縮。
中國經(jīng)濟(jì)在必要時仍是指令性經(jīng)濟(jì)。中國政府利用這種經(jīng)濟(jì)賦予監(jiān)管機(jī)構(gòu)的權(quán)力，尋求推高股價。隨著股市下跌，去年市場飆升之際大幅調(diào)高股票交易印花稅等各項(xiàng)制動措施被迅速拆除。今年4月，中國政府對國有股的銷售進(jìn)行了限制，在一定程度上放慢了2005年開始的國有股改革的腳步。
與此同時，中國政府希望通過出臺股票貸款等措施，激起投資者的買盤興趣。然而，政府策劃的供需均衡并不完美。在市場復(fù)蘇時，新興的基金管理行業(yè)發(fā)現(xiàn)，吸引投資者很容易：基金管理顧問公司Z-Ben表示，當(dāng)時基金管理公司一天就能募集到15億美元資金，如今，1個月募集的資金也遠(yuǎn)遠(yuǎn)沒有那么多。但是，中國今年迄今已批準(zhǔn)成立了50只新基金，比去年全年還多，而且其中多數(shù)是股票型基金。監(jiān)管機(jī)構(gòu)還需要進(jìn)行更多調(diào)整，才能讓上海股市恢復(fù)其吸引力。
Market dynamics, however, could not be more different from last year, when IPOs raised $63bn, according to Dealogic. That year, the Shanghai composite index of renminbi- denominated “A” shares almost doubled. Selling stock was like handing candy to children: oversubscription levels were massive and investors were rewarded with an average 150 per cent gain on the first day of trading. This year, by contrast, the index is down about 40 per cent and daily turnover has slumped.
Chinese authorities, exploiting the power granted to regulators in what is still – when required – a command economy, have sought to prop up prices. Brakes put in place as the market roared ahead last year, including the introduction of a share trading tax, were swiftly dismantled on the way down. In April, authorities moved to curb sales of state-owned shares, partially unwinding reforms of state-owned shares in 2005.
Meanwhile, authorities are aiming to pique interest by introducing activities such as margin lending. The orchestrated balance between supply and demand, however, is imperfect. When the market was resurgent, the fledgling fund management industry found it easy to attract investors: Z-Ben, a fund management consultancy, says fund managers were able to pull in $1.5bn in a day; now it takes a month to raise just a fraction of that. Yet some 50 new funds have been approved so far this year, more than were approved in the whole of last year. The vast majority of these are equity-focused. Regulators have more tweaking to do before Shanghai regains its allure
回到未來。作為近年來一些全球規(guī)模首次公開發(fā)行(IPO)發(fā)源地的中國，正在籌備另一家巨無霸公司的上市。中國建筑股份有限公司(China Construction Engineering Corp)計(jì)劃進(jìn)行的IPO有望籌集約60億美元。這將是中國第四大規(guī)模的IPO，也將是今年以來僅次于美國Visa的全球規(guī)模IPO。
然而，市場格局已與去年截然不同。Dealogic數(shù)據(jù)顯示，IPO募資額去年達(dá)到630億美元。去年，追蹤以人民幣計(jì)價的A股表現(xiàn)的上證綜合指數(shù)幾乎上漲一倍。出售股票就像請小孩吃糖一樣容易：超額認(rèn)購率非常之高，投資者在股票上市首日的平均回報率為150%。相比之下，上證綜合指數(shù)今年下跌了40%，日成交量也明顯萎縮。
中國經(jīng)濟(jì)在必要時仍是指令性經(jīng)濟(jì)。中國政府利用這種經(jīng)濟(jì)賦予監(jiān)管機(jī)構(gòu)的權(quán)力，尋求推高股價。隨著股市下跌，去年市場飆升之際大幅調(diào)高股票交易印花稅等各項(xiàng)制動措施被迅速拆除。今年4月，中國政府對國有股的銷售進(jìn)行了限制，在一定程度上放慢了2005年開始的國有股改革的腳步。
與此同時，中國政府希望通過出臺股票貸款等措施，激起投資者的買盤興趣。然而，政府策劃的供需均衡并不完美。在市場復(fù)蘇時，新興的基金管理行業(yè)發(fā)現(xiàn)，吸引投資者很容易：基金管理顧問公司Z-Ben表示，當(dāng)時基金管理公司一天就能募集到15億美元資金，如今，1個月募集的資金也遠(yuǎn)遠(yuǎn)沒有那么多。但是，中國今年迄今已批準(zhǔn)成立了50只新基金，比去年全年還多，而且其中多數(shù)是股票型基金。監(jiān)管機(jī)構(gòu)還需要進(jìn)行更多調(diào)整，才能讓上海股市恢復(fù)其吸引力。