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IPO
activities fell sharply and total offer amount was only
US$678 million in July 2008
IPO activities decreased
in July 2008 and the offer amount nearly hit lowest level
of 2008. In all, 11 Chinese enterprises achieved IPOs,
raising a total of US$678 million in domestic and overseas
markets. However, the number of IPO events dropped 54.2%
and the offer amount decreased by 71.1% month-over-month
(Figure1-1). Looking back into the IPO market in the past
four months, we witness a sluggish international financial
market impacted by the subprime mortgage crisis. New listings continue to decline
in overseas capital markets such as NASDAQ and SGX. In addition,
Chinese government promulgated policies to control the economic
fluctuation during the 2008 Beijing Olympic Games. Considering
above mentioned factors, many Chinese enterprises postpone
their IPOs. In July 2008, 7
Chinese enterprises debuted on domestic capital markets,
decreasing by 41.7% month-over-month; Only 4 Chinese companies
were listed in overseas markets, dropping 66.7% month-over-month
(Table1-1).
4 IPOs were backed by VC/PE,
raising US$381 million in July 2008
VC/PE-backed IPO number and IPO offer
amount declined in July 2008. Remarkably, the number of
VC/PE-backed IPO events decreased by 42.9% and the offer
amount dropped 31.8% month-over-month (Figure2-1). The average
offer amount stood at US$95 million, increasing by 19.4%
month-over-month.
VC/PE-backed IPOs
were distributed evenly With respect to the overall industry
breakdown, VC/PE-backed IPOs
were distributed evenly in July 2008. The offer amount in
the Manufacturing sector topped with 62.0% of total VC/PE-backed
offerings (Table3-1). A Media and Entertainment company,
CTV Golden Bridge International Media Co., Ltd. debuted
on HKMB in this month.
The
average returns of VC/PE-backed IPOs
hit historic low
In July 2008, the average returns of new listings were only
0.57x, decreasing by 78.6% month-over-month. In this month
the average returns dropped to lowest level in 2008 after
the wave-like rise. This can be largely due to the shrink
of the second board market which makes it is hard for listed
companies to generate high returns. Meanwhile, excessive
valuations of pre-IPO companies by investment firms result
in negative returns.
Average Returns for the ManQufacturing
sector were a little higher than those of others
In terms of industrial distribution,
the average returns for the Manufacturing sector are a little
higher than those of others in July 2008 (Table5-1). Shandong
Shanshui Cement Group Limited
debuted on HKSE and generated over 1x return for its investors
including CDH Investment, IFC, Morgan Stanley and CCB International
(Holdings) Co., Ltd., which uplifted the average returns
for this sector. However, the average returns for the Manufacturing
sector in July 2008 are far lower than that in other months
of 2008 (Table5-1).
China
Distance Education Holdings Ltd. brought low return
On July 30th 2008, the provider of
online education in