Word: ipos
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...China to offer their shares to a public that has a ravenous appetite for them. Astonishingly, according to a forecast just out from Price Waterhouse Coopers, a global consulting firm, the two main equity markets in China will raise $52 billion in capital this year in initial public offerings (IPOS), more than double the amount forecast at the start of the year. That makes it likely that China will raise more money in IPOs in 2007 than every other major market in the world did in 2006. This year, says Richard Sun, a partner at PwC, only London...
...question now: Does this year's extraordinary pace of IPOs in China signal a sea change - a year that marks financial leadership in greater China moving from Hong Kong to the mainland? That thought, when the PwC forecast came out on July 4, was definitely giving western investment banks in Hong Kong heartburn, because China still maintains strict limits on their ability to underwrite deals on mainland markets. They probably needn't worry too much, at least not yet. "Hong Kong is still an international market, and the mainland markets aren't, and won't be anytime soon," says...
...issue stock at home, what happens now if a crash comes? Some investors in China, in fact, are already miffed at the government, saying that the new supply of shares coming to the mainland's markets - regional banks such as the Bank of Nanjing are next in the IPO line - are starting to put downward pressure on equity prices. As far as the authorities are concerned, a bit of a correction is probably welcome. But as tech investors in the US learned in 1999, corrections have a way of becoming something worse - and $50 billion can become a lot less...
...build applications for it, from music-sharing services to carpool arrangers, making it a potentially much more useful tool. Some in Silicon Valley wonder excitedly if the company--which reportedly turned down a billion-dollar buyout offer from Yahoo! last year--might become not just the hottest tech IPO since Google but also the next major stage in the Web's evolution. First there was the browser, then the search engine. Now we'll move on to what Zuckerberg calls the "social graph," the filter of personal connections that defines Facebook...
...Just don't forget that any stock comes with risks. On June 22, the day of Blackstone's IPO, the Wall Street outfit Bear Stearns, which has been publicly traded for two decades, announced that it would spend up to $3.2 billion bailing out an internally run hedge fund that was flailing from bad bets in the declining sub-prime mortgage market. The stock dropped more than 4% for the week...