Shanghai IPO Biggest
Stock Report March 2nd, 2010
Shanghai Stock Exchange is predicted to overtake Hong Kong’s position as the stock issuance of shares of the prime objectives (initial public offering / IPO) in 2010 the largest in Asia.
“Ensure, Shanghai exchanges will beat Hong Kong (Hang Seng) in 2010 as the center of the world’s largest IPO,” said Terence Ho from Ernst & Young yesterday.
He predicted, the number of IPO firms in the stock Shanghai China in 2010 reached $ 55, 7 billion. While in Hong Kong predicted USD44, 7 billion. The 2009 Hong Kong is still the center of the largest IPO in the amount of $ 30 billion.
While Shanghai is only $ 27, 3 billion. Ho said, the amount of interest in the Shanghai IPO to make its status as a world financial center increases. Shanghai dominance over Hong Kong’s only a matter of time.
Sooner or later, Shanghai will take a share of the IPO in Hong Kong. Moreover, the Government of China intends to make yuan exchange rate more flexible to changes in the currency of other countries.
“Internationalization of yuan could threaten Hong Kong because of foreign capital can flow into the Hang Seng. Global fund managers also will increase the percentage of their investment into Mainland China, “added Ho.
Currently China is implementing reform and improvement of capital markets. Some of the new rules issued, including stock index trading, margin trading (margin trading), and short sale (short selling).
Shanghai Stock Exchange also is preparing an international board, which allows foreign companies conducting an IPO in Mainland China. HSBC and the New York Stock Exchange (NYSE) Euronext will be the first stock listed on a stock exchange board of Shanghai. However, Ho admitted if in the short term benefits of Hong Kong is still the attention of international investors.
“In the short term, Shanghai Hong Kong pursue difficult in terms of transparency and liquidity. At present, Hong Kong filled with millions of international investors while Shanghai was filled with domestic investors, “he said.
Ho added, internationalization yuan could become a bridge for China investors to invest into global financial markets. This is a new opportunity for Hong Kong to attract investors to invest in Mainland China Hang Seng.
Critics Quality Analyst Hong Kong IPO
The success of Hong Kong stock exchange for IPOs attract $ 30 billion in 2010 received criticism from analysts. Authority considered sacrificing quality stock to increase the quantity.
One criticism is the securities regulatory approvals and the futures of Hong Kong (SFC) of the IPO $ 2, 6 billion from aluminum giant UC Rusal.SFC set a minimum investment of $ 130 thousand for Rusal to protect small investors.
“It is surprising when SFC approved the Rusal IPO. Rusal’s companies are losing money. I rate the stock and SCF ignores the problem of quality, “said Director of Center for Corporate Governance and Financial Policy of Hong Kong Baptist University Raymond Chan.
Rusal argued SFC is committed to fulfill several requirements, including a positive balance. So, despite not pass the test as a profitable company still allowed Rusal IPO. “Rusal agreed to apply the openness as the main thing and are committed to support a quality market,” SFC spokesman said.
Chang evaluate this policy will be staking his reputation of Hong Kong stock exchange. “Recording of shares in Hong Kong may be associated with low quality,” said Chan.
Concern over the issue of the number of Mainland companies that perform below the standard of openness in 2009 also appeared. “We have a lot of companies below the standard, look at the IPO record of last year,” added Chan.
Several cases of temporary suspension of trading in shares (suspend) Asian Citrus, the plantation companies in Mainland China. Asian Citrus Executive has announced the value of the company. Next, China is doing Zhongwang Holdings IPO more than $ 1 billion in April 2009.
Mainland China Manufacturers of aluminum is one of a prospectus and hiding military relations with China. Last week, claimed to have corrected Zhongwang mistake after hire Ernst & Young.
Then, the case of China the stock price declines Metal Recycling nearly 50 percent. This case prompted the resignation statement of the company’s chief financial officer.
The official could not be withdrawn because the company’s financial data access. Chan said that Hong Kong is a place best IPO companies Mainland China because the rules are more lax than exchanges in other countries, especially compared with Western countries and the United States (U.S.). “We must raise standards to match with other exchanges,” he said.
To overcome it, SFC rules change. SFC focus on corporate directors for the accuracy of information disclosure. But, critics of this effort continues to exist. Especially, lack of rigidity of the rules of the quarterly report.
“Currently, almost all exchanges in Asia requires a good quarterly report,” said David Webb, an independent investor. Webb criticized several parties desire to facilitate the IPO process. “Some people think the easier the better IPO. If so, why not trade on eBay because there is not no rules at all, “he added.
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No Comments 207 U.S Companies Bankrupt in 2009
Finance February 15th, 2010
The number of corporate bankruptcies in the United States reached 207 last year, led by the bankruptcy filing of General Motors.
A research company, BankruptcyData.com, Thursday (7 / 1), said the number of filing for bankruptcy protection in 2009, public companies jumped significantly from 138 the previous year. It is the third largest number in the notes that only defeated the number in 2001 and 2002 with respectively 263 and 220 for filing.
The companies filed for creditor protection with combined assets of U.S. $ 594 billion, the second largest on record. The largest in 2008, led by the biggest bankruptcy filing ever in the U.S. from investment giant Lehman Brothers.
Largest bankruptcy in 2009 was General Motors, with registered assets of U.S. $ 91 billion, followed by a business lender CIT Group, with U.S. $ 80.5 billion, and Chrysler LLC to U.S. $ 39.3 billion. The main industries affected by the bankruptcy, including manufacturing, banking and finance, and oil and gas sector.
A total of 26 banks and finance companies have filed for bankruptcy with combined assets of U.S. $ 249 billion.
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