Word: hong
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...Hong Kong last week, Metallurgical Corporation of China, a steel mill builder that helped construct Beijing's famed Bird's Nest Olympics stadium, stunned the stock market when it ended its first trading day 12% below its initial public offering price. The following day, an IPO by China Lilang, owner of the country's largest brand of men's clothing, also flopped, ending the day down nearly 1%. To think that less than three months ago, even lightweights like herbal shampoo manufacturer Bawang and furniture maker Hing Lee debuted with double-digit first-day gains...
...perceived higher risks emanate from GEM's lower listing thresholds compared with those at the main boards in Shanghai, Shenzhen and Hong Kong - and even the SME Board in Shenzhen, which requires IPO applicants to have at least three years' operating history and profits. GEM may consider for listing a company that turned a profit of as low as $730,000 in the previous one year, provided total sales exceeded $44 million. (See pictures of the making of modern China...
...flaw in China's strategy to nourish private-sector enterprises. If SMEs are to tap the capital markets for steady and sustainable financing, investors must be willing to support them for the long term. Unfortunately, the market's current get-rich-quick mindset cannot be changed overnight. Hong Kong, a more mature financial center, launched a GEM board 10 years ago. It has not been a notable success, with just 172 companies and total market capitalization of $11 billion - equal to 0.6% of the main board...
Palin, Sarah • cell phone footage of Hong Kong speech by, which was closed to the press but here, for masochists, are some excerpts...
...Peter Churchouse, a director at a Hong Kong investment research and advisory firm, says he doesn't think Hong Kong's housing market is a bubble. But some analysts worry that low interest rates, high liquidity and a tight supply of new apartments could fuel irrational exuberance. Churchouse says: "I could easily see this market developing into a bubble, but it's not a bubble yet." That should be of some comfort for the buyer who just paid $3.16 million for a 590 sq. ft. apartment...