Word: stockings
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...Wong sat transfixed before a computer monitor, watching stock prices and anxiously awaiting her big payoff. Shares of vegetable grower China Green Holdings began trading for the first time on Jan. 13, and Wong, a 50-year-old garment importer-exporter, was one of the lucky few who had obtained shares of the hot China stock at its initial public offering (IPO) price of 16?. That was no easy task, since retail investors ordered 1,604 times more shares than China Green had undertaken to sell, making it the most popular IPO in Hong Kong history. On the opening...
...These days, Chinese IPOs are gifts that keep on giving. After three years of indifference to stocks during one of the worst bear markets on record, ordinary Hong Kongers like Wong are now giddy over just about any new offering with the word China attached to it, hoping to cash in by flipping their shares within hours or days of buying them. The bet is not a bad one: shares of China Life Insurance, the country's largest insurer, are up 64% since their Dec. 18 debut. Gold-mining company Fujian Zijin Mining Industry saw its stock price surge...
...earned just $31 million in revenues and $14 million in profits in its last fiscal year from its distinctly unsexy business of growing cabbages and other produce and selling packaged vegetables such as boiled corn. Yet Hong Kong retail investors put in orders for nearly $4 billion of its stock, acting as if this tiny firm with about 150 employees is destined to become a global titan. In the short term, such suspension of disbelief can be highly profitable, but it can also prove to be an excellent way of losing money fast. "I warn investors to be cautious," says...
...Muzzling Stock Analysts Who will dare say anything bad about a French company again? That question is unnerving stock-market analysts following a one-two punch last week. The Paris Commercial Court fined Morgan Stanley €30 million for harm done to LVMH, Bernard Arnault's luxury-goods firm. LVMH argued that Morgan Stanley, which has worked for rival Gucci, issued biased reports against it. (The firm will appeal.) A day later, catering giant Sodexho called in French regulators after a Citigroup Smith Barney report sent its stock reeling. Both LVMH and Sodexho said they were protecting themselves against erroneous...
...five others in Düsseldorf this week. The charges stem from the €15 million bonus paid to Klaus Esser, former CEO of telecom and engineering giant Mannesmann, after it was taken over by Britain 's Vodafone. Thus far, investors don't seem put out; the bank's stock is near a 52-week high. But how is the bank supposed to get business done with its boss on trial for six months?—By Charles P. Wallace Hiring And Firing Adecco, the Swiss-based world-leading temp-staffing firm, announced the resignation of its chief financial officer...