China Railway Group's initial public offering in Shanghai today, Financial Times reported. China Railway's IPO, along with the debuts of two other major companies slated for December – China Pacific Insurance and Shenzhen-based BYD Electronic – could raise a combined US$12 billion, and is being seen by many as a bellwether for the future IPOs of state firms. A nervous atmosphere has surrounded the US$3 billion listing, the first following disappointing listings of state firms Sinotruk, which had the worst first-day perfomance of the year last week, and Sinotrans Shipping, which dropped 13% on its first day.
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