Word: stocked
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When the outlandish stock-market events of 2009 are tallied up, the initial public offering (IPO) in Hong Kong of Chinese herbal shampoo maker Bawang International will be a standout. Within 10 minutes of the June 22 opening of the subscription period for shares, one local brokerage, Bright Smart Securities, was swamped with the equivalent of $129 million in orders. In all, the shampoo company received more than $9 billion in orders from Hong Kong retail investors for an IPO that initially sought to raise just $215 million...
...Such examples of excessive investor ardor for new Chinese stocks aren't hard to find. Shares of Chinese water-treatment-equipment supplier Duoyuan Global Water soared 37% on June 24, its first day of trading on the New York Stock Exchange. Back in Hong Kong, Chinese thenardite producer Lumena Resources (thenardite is a key ingredient in powder detergents, textiles, glass, chemical feedstock and pharmaceuticals) rang up 19% in gains on June 17. On June 22, the IPO of China Metal Recycling closed 22% higher. (See pictures of China's infrastructure boom...
...share in key areas such as trade finance. It has boosted lending to small enterprises in Asia at no risk by participating in loan-guarantee programs implemented by governments to free up credit markets. Sands has also continued making strategic acquisitions, including the purchases of Cazenove Asia, a regional stock brokerage, and a 75% stake in another broker in India. Just as important, Sands has been beefing up the management ranks by hiring experienced bankers from troubled competitors. Since August 2007, StanChart has brought in about 100 senior executives from the likes of Bear Stearns, Lehman Brothers, Citigroup...
...long boom in stock prices from 1982 to 2000 and the shorter one in housing prices from about 1997 to 2006 were fueled by rising debt. Ever easier mortgage terms and falling interest rates provided a brisk tailwind for home prices. In the stock market, higher profits pushed along by bigger consumer and corporate debt loads brought higher stock prices. Start ratcheting the indebtedness down and throw in slower growth, and both of these processes go backward. For the long-term health of the economy, that's good--as we've learned, debt-fueled growth is not indefinitely sustainable...
...inside. Fans started trickling in when Tower opened at 10 a.m.; a die-hard fan dressed like Jackson in his "Billie Jean" video even entered the store and flipped through the albums. Tower's clerks said they had been fielding calls all morning asking about Jackson's albums in stock, and expected more as the news spread. Masayuki Ikeya, 30, says he first saw and heard Michael Jackson when his parents showed him a videotape of Moonwalker. "I was really young and when I saw him, I knew he wasn't Japanese," he says. "But by the way he danced...