In China initial public offerings are a bit like London buses – you wait 14 months, and then 50 come along at once.
On Friday the first new listed company since November 2012 – Neway Valve – made its trading debut in Shanghai. The stock rose more than 40 per cent, an encouraging sign for the hundreds of other new listings expected through the year.
The path to reopening the market has been a little bumpy, exacerbated by a vow to block overpriced deals coming to market that was one of the key reforms announced by the China Securities Regulatory Commission ahead of the IPO restart.
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