New York Stock Exchange after the financial crisis reduces profitability requirements, attracting many Chinese Internet companies to IPO. Chris Hondros / Getty Images China's Growth Enterprise under the administrative examination and approval in the layers of the lack of growth was reduced to a ChinaFotoPress / Getty Images
the original title For how long?
financial new
As of mid-May, this year in the United States listed 12 Chinese companies have nine break, accounting for 75%. May 4 listing of all network (NYSE: RENN) Shangqie to catch the last of the sun, raising the issue price range, and ho whichever cap on the first day up 29%. Subsequently listed on the net Qin (NYSE: NQ),
The rounds visiting Beijing's Tiananmen Square 09, Century good margin (Nasdaq: DATE) have suffered the fate of the first day of break.
However, the Chinese company's U.S. capital markets sprint enthusiasm remains high. May 18 evening, the first Chinese children wash rice net gaming sites to submit the prospectus; last week, a grand literary listing application submitted to the SEC, the preparatory financing of $ 200,000,000. Equity IPO postponed due to litigation led to the video site Tudou, video download sites such as Thunder and happy network also released the queue, in addition, electric branded Web site where customers are expected to be completed this year Eslite issue.
China Venture, according to statistics, from SouFun listed in the September 2010 date, a total of 38 Chinese companies to the United States initial public offering (IPO), the total size of the financing of $ 4,557,000,000.
To improve the efficiency of capital markets.
bubble Debate
whether Chinese stocks edge of the bubble burst?
all network has become the wave of a watershed in China's stocks trend. All Online City was raised before the issue price. However, on May 4 after the listing day, all network shares diving, although the start of the Green Shoe mechanism is still in a week break.
subsequent network Qin Jia Yuan century, such as listing all the first day of break, the net release of Qin at the issue price ceiling, the current stock price has been cut. Century, the issue price of intermediate good margin to take the value of distribution, flat soon after opening break. Phoenix then new media will be listed on the 12-14 dollar price range to reduce the issue price of 11 dollars, the trend is relatively stable, but also below the issue price.
this point, talking about the outside world, China's stocks are already in the edge of the bubble burst?
2009 financial crisis to stimulate the economy after the United States into a lot of liquidity, sufficient capital to push the U.S. capital markets. Since last November, the U.S. investor interest shifted to the smaller impact of the financial crisis in emerging markets, Chinese companies started promising.
China has become the world's largest Internet market. July 2009 China Internet Network Information Center (CNNIC) released the And Google was forced to withdraw from China, although bad, but not the arrogance of success of Baidu's market position. This allows investors to realize that the United States, to share the growth of China's Internet industry, or local enterprises to invest in China.
round of IPO in the U.S. listed Chinese stocks to open up the market for many years as the main Internet companies, are the leader in all market segments in the primary. Many enterprises have yet to achieve profitability. But the U.S. market still give them a generous valuation to sales ratio instead of price-earnings ratio, that is, market value / sales revenue, rather than the traditional price / earnings per share. This means that as long as the enterprises in which the share of the industry is high enough, you can get the capital market recognition.
saying that for the market, speculation China concept stocks are mostly Chinese capital. But many market professionals believe that this argument is too underestimated the depth of U.S. capital markets. China concept shares a large list of long-term investors, many large institutional investors, some of the larger amplitude in the concept stocks, but also by the likes of hedge funds.
ChinaVenture Investment in Group analysts believe that the market has tended to focus on the end of the current investors and the company's valuation of the industry will be gradually moved to the rational. three to five years after the bubble burst, the investment will not fail.
concept stocks in the expansion
the past decade, industry, private enterprises listed on the United States from the Internet to expand into new energy, education, medical, consumer, etc., go back to the Internet, The more favored by the high-growth industry
1993, Shanghai Petrochemical (NYSE: SHI) of the market, launched a large-scale state-owned enterprises listed on the first single-stock reform. From 1993 until 2000, after the completion of more than 20 large Chinese state-owned joint-stock reform, visit the U.S. capital markets. This can be regarded as the first phase of China-related stocks.
2000 began, a group of technology companies, especially Internet companies to the U.S. market. Most representative Sina (Nasdaq: SINA), NetEase (Nasdaq: NTES), Sohu (Nasdaq: SOHU), Ctrip (Nasdaq: CTRP), etc.. Listing of these companies are at a loss then the state, a few years before starting a profit. The Internet bubble burst, the Nasdaq crashed, Sina, Netease has also been a serious warning, the stock fell below $ 1, NetEase reported problems due to financial investors who have been a class action.
but in 2005 there have been some important changes. China Construction Bank (601939.SH/00939.HK) several times prior to listing, consider giving up a U.S. listing, select the landing HKEx. From large state-owned enterprises to bid farewell to the direct road to the U.S. capital market listing. Insiders close to the deal said there were several CCB concerns. First, China Life in March 2004 for failing to disclose the National Audit Office found the 5.4 billion illegal funds in the United States face a class action; Second, in Enron, WorldCom and other financial fraud, the United States in 2002 introduced the Sarbanes - Oxley Act, wire Wanlv links listed in the U.S. and regulatory restrictions will be more difficult.
the other hand, the pace of private enterprises listed on the United States did not stop.
2005 年 8 Yue listed in Baidu (Nasdaq: BIDU), only 3 cents earnings per ADS, won the $ 27 offering price. Listed on the first day, Baidu closed at $ 122.54, up 354% over the issue price. April 29, 2010, quit in Google China, Baidu net profit soared 165.3%, the share price out of the $ 718 the price. As of this week, Baidu's share price around 135 dollars, corresponding to 2010, about 90 times earnings performance. From December 2005 listed solar power company Suntech (NYSE: STP) beginning, representatives of education, Wuxi Pharmatech (NYSE: WX) as the representative of the medicine,
cheap louis vuitton belts, there are rural-based (NYSE: CCSC), Noah Fortune (NYSE: NOAH) on behalf of the consumer industries. number has increased greatly.
after the 2008-2009 financial crisis, has accumulated two or three years needs to restart the IPO, China stocks late last year, begin to exert.
According to statistics of the NYSE in 2010, became the largest number of companies in the U.S. IPO of the year. 34 IPO, the funds raised 3.6 billion. Summer vacation to the capital market in August for the sector in 2010 can be divided into two phases, the first half is relatively deserted on Jan. -8, only 11 IPO, 33%; September -12 months, there have been 23 IPO, accounting for 67%.
companies listed on the most suitable to the United States, may get even than Hong Kong even higher than the valuation of A shares.
into 2011, listed companies mainly in the Internet industry, the outbreak appears concentrated trend.
GEM feel then
companies to invest in the arms of the U.S. capital market, it has become the second board of the outsourcing, but also that China's securities regulator restless.
listed in Baidu after the United States, September 8, 2006, the Ministry of Commerce, the SFC issued by six ministries, basically cut off the future through the establishment of Chinese companies listed overseas to the United States road. This means Five years, except in time,
2009 in the second half, the second board in the start, given the valuation of businesses had an average of up to 90 times more, as of this week, the GEM average price-earnings ratio as high as 46 times. (See Articles 3, 2011 report But why domestic GEM is relatively boring, but the subject of attention of innovative companies still favor wall flowers?
First, the proposed capital structure of listed companies is still the most important reason. To the current round of U.S. listed Chinese companies, for example, many companies start for many years, the U.S. dollar early in the support of venture capital, the establishment of foreign institutions. According to ChinaVenture's CVSource statistics, since September 2010 SouFun the United States since the 36 listed companies, a total of 72 VC / PE sector participation in investment, total investment amount of $ 1,033,000,000, the cumulative return of 8.76 billion U.S. dollars carrying out an average of exit rate of return of 7.48 times. Sequoia China ahead of nine cases from the exit, IDG capital, Heiner and the second largest in Asia.
Second, the United States as the world's most sophisticated capital markets, a high degree of transparency and standardize its core strengths. To become a public company, the enterprise need to submit materials to the SEC filing, the main condition that the information transparency,
all jordans, full disclosure, full compliance; exchange business data is only responsible for auditing the standard, there is no interference from the hands of administrative examination and approval. Enterprises in the IPO process is highly independent, pricing also depends entirely on the investor response.
The minimum requirement is the last year and net profit of less than 500 million yuan, net assets of not less than 20 million yuan, but in fact has a higher threshold of the invisible. 4,000 million in net assets you do not pass the test. that is able to determine the actual use of common sense do not have the growth of the Chinese companies crowding the GEM. one yuan in wine there is truth in charge of the Fund: U.S. stocks statistics, this year the U.S. market more than ten Chinese stocks are delisted only. but the A-share market has yet to withdraw from the market effective system of zombies wandering the company for many years in the market, waiting for a wave of speculation. In addition, U.S. class action system unique, is also strong support for the rights of minority shareholders.
Such rules because the GEM country is not very applicable, there is no applicable valuation system.
regression trend
the return of overseas listed companies face a policy barriers, that is, whether the Commission officially recognize the overseas listed companies have a duck to water. far as the NYSE-listed Brilliance in cars, not shrink in 2007 due to the refinancing transaction, to pay costs to maintain market, announced the delisting from the New York Stock Exchange. The most typical is the game company groups The valuation is low, the current Perfect World (Nasdaq: PWRD) is only 10.47 times the valuation of a giant network (NYSE: GA) was 13.73 times the average price-earnings ratio is lower than A shares; Shanda (Nasdaq: SNDA) valuation 27.05 times, well below the national average price-earnings ratio GEM.
Such as the NYSE delisting just Tongjitang Chinese shares,
商务笔记本的绝配 蓝牙无线鼠标推荐, U.S. investors do not understand. I believe they should be listed in Hong Kong or, or structural change over the A-share listed. There out into the market, which is two-way choice. the quality and dynamic company, listed companies are also more likely to establish a brand in the target market.
by GEM to attract high valuations, some of this structure has yet to make overseas companies listed overseas, have to overseas structure of revocation, re-registered in China, preparing A-share listed. but have been listed overseas companies want to return, first recognized by the Chinese Securities Regulatory Commission, and the income of the business in the territory, by agreement in a controlled manner, Naru Hai shell companies, and in the United States.
for the practice of evading the SFC, the SFC from the unpublished opinion. now also in a gray area. However, 'the 10th Man' came out relatively clear,
authentic jordans sale, must be submitted for approval to the United States market. And it may not be approved. will become the mainstream.
70 20th century, there is no real sense of the Israeli capital market, high-growth high-tech companies listed on Nasdaq, up more than when the 270. 90 years after the Tel Aviv Stock Exchange gradually developed, more than 200 have returned, and the rest of the lot is more than 70 dual listing. Shenzhen GEM stocks look forward to frequent acquisition of mobile transmission end of the Rolling Stones visit Hong Kong GEM
GEM War Why the U.S. market as Chinese companies
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