When it announced new stock listing rules over the weekend, the Chinese securities regulator was trying to end a decade of underachievement.
The best economic growth story of the 21st century has been a poor investment play. While its gross domestic product has shot up, China’s equity market has languished.
Part of the blame has been an initial public offering system that consistently overprices shares, to the benefit of newly listed companies and their underwriters. Those buying into IPOs on their first day of trading have lost money, and the mass of ordinary investors in China has slowly lost confidence in stocks.
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