China (PRC)
| After years of playing second fiddle to Shanghai, the Shenzhen Stock Exchange has come out on top in 2010, with 246 companies raising a staggering US33.6 billion through new listings this year, according to a report in the Financial Times this week. The report confirms that a boost in raisings by smaller, private companies has led to the generation of the earnings, which are triple the amount raised on the Shenzhen bourse last year and which are also significantly higher than the US$24.1 billion raised on the Shanghai Stock Exchange so far this year.
According to the report, the growth follows the acceleration of IPO approvals in Shenzhen by the China Securities Regulatory Commission (CSRC), which has reportedly also become less involved in decisions concerning the pricing, timing and size of capital markets activity. Private equity groups are also increasingly viewing the stock exchange as being an attractive and potentially highly profitable means through which to exit from investments in China, especially having witnessed the huge profits made by Goldman Sachs on its US$5 million investment in pharmaceutical company Hepalink, which undertook a listing in April this year. |
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