China Market Update

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China Market Update

發表 由 Ar Kit 于 周一 9月 08, 2008 12:22 pm

China A Share
IPO rules negative for stock performance
Mainland Stock Exchange issued revised rules for IPO listing that:
(1) The lock up period for investment made more than one yr before the IPO will be reduced from 36 months to 12 months, and

(2) For controlling shareholders, while the lock up period is still 36 months, they could transfer their stake to parent/associated/subsidiary companies after one yr lock up.

The major beneficiary of the rule will be those private funds and VC capital (Xiao Fei), which will have a better exit mechanism. The short term impact on domestic market could be very negative given that going forward "Xiao Fei" will be easier to sell (which is the major overhang for A share market), and it will also impact the pricing for all the upcoming new IPOs. Mainland investors already speculate that the Shanghai A Composite Index may test 1800 in the near future.

Ar Kit
濘樂
濘樂

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注冊日期 : 2008-08-04

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