Nervous investors will today look to the $3bn market debut of China Railway in Shanghai for further clues that the phenomenal success of Chinese initial public offerings could be running out of steam.
Mainland companies have this year raised more than $90bn through nearly 180 IPOs on the Shanghai, Shenzhen and Hong Kong exchanges as investors search for exposure to some of world's fastest-growing com- panies.
Investor sentiment, however, appears to have turned following the listing in Hong Kong three weeks ago of Alibaba.com, China's leading business-to- business website, whose shares trebled on their first day.
Shares in Sinotruk, China's leading heavy-truck manufacturer, fell more than 15 per cent on their Hong Kong debut last week – the worst first-day performance on the bourse this year. A week earlier, shares in Sinotrans Shipping, a mainland dry bulk carrier, dived by 13 per cent when they listed in Hong Kong. 最后由 almaling 于 2007-12-03 11:43:13编辑