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Tuesday 6 January 2009
IPOs in China to Jump 47%
Funds raised by Chinese companies in local initial public offerings are likely to rise 47 per cent this year compared with last year, accounting firm PricewaterhouseCoopers said on Tuesday.
IPOs in China to jump 47 per cent in 2009: accounting firm
6 January 2009
BEIJING - Funds raised by Chinese companies in local initial public offerings are likely to rise 47 per cent this year compared with last year, accounting firm PricewaterhouseCoopers said on Tuesday.
The increase in offerings (IPOs) will reflect the sound fundamentals of the Chinese economy and the impact of a massive stimulus package implemented by the government, it said.
‘The fiscal stimulus programme in China will help expand domestic demand to achieve sustainable growth,’ said Mr Frank Lyn, China Markets Leader of the accounting firm.
‘As China fundamentals are still relatively strong, we should see the China market stabilise in the second half of 2009,’ he said.
Last year, total IPO funds raised in Chinese stock exchanges fell by 78 per cent year-on-year to 103.5 billion yuan (S$22.3 billion) as the global financial crisis battered market sentiment, PricewaterhouseCoopers said.
Chinese shares slumped by two thirds in 2008 from a year ago - the steepest annual loss in the market’s 18-year history.
But the market is likely to stabilise and pick up in the second half of this year, and companies are expected to raise 152 billion yuan through IPOs in China in 2009, it said.
It predicted that the number of IPOs in China will rise to 88 this year from 77 recorded in 2008.
China unveiled late last year a US$586 billion (S$853.5 billion) stimulus package to boost domestic demand after it became clear the global economic recession had severely weakened the overseas market for Chinese exports.
Mr Lyn said the infrastructure, financial institutions, industrials, consumer products and retail related companies would benefit from the stimulus plan and new issues in these sectors would also pick up gradually this year.
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IPOs in China to Jump 47%
IPOs in China to jump 47 per cent in 2009: accounting firm
6 January 2009
BEIJING - Funds raised by Chinese companies in local initial public offerings are likely to rise 47 per cent this year compared with last year, accounting firm PricewaterhouseCoopers said on Tuesday.
The increase in offerings (IPOs) will reflect the sound fundamentals of the Chinese economy and the impact of a massive stimulus package implemented by the government, it said.
‘The fiscal stimulus programme in China will help expand domestic demand to achieve sustainable growth,’ said Mr Frank Lyn, China Markets Leader of the accounting firm.
‘As China fundamentals are still relatively strong, we should see the China market stabilise in the second half of 2009,’ he said.
Last year, total IPO funds raised in Chinese stock exchanges fell by 78 per cent year-on-year to 103.5 billion yuan (S$22.3 billion) as the global financial crisis battered market sentiment, PricewaterhouseCoopers said.
Chinese shares slumped by two thirds in 2008 from a year ago - the steepest annual loss in the market’s 18-year history.
But the market is likely to stabilise and pick up in the second half of this year, and companies are expected to raise 152 billion yuan through IPOs in China in 2009, it said.
It predicted that the number of IPOs in China will rise to 88 this year from 77 recorded in 2008.
China unveiled late last year a US$586 billion (S$853.5 billion) stimulus package to boost domestic demand after it became clear the global economic recession had severely weakened the overseas market for Chinese exports.
Mr Lyn said the infrastructure, financial institutions, industrials, consumer products and retail related companies would benefit from the stimulus plan and new issues in these sectors would also pick up gradually this year.
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