In China, stagging pays. This week’s Rmb10bn (US$1.6bn) flotation delivered a 60 per cent return to investors in just three days; on average this year’s 75 or so deals rose by an average of 178 per cent in the first 10 trading days, according to HSBC.
Welcome to the visible hand of government. For all Beijing has determined to push ahead with market reforms, government intervention remains alive and well in that most capitalist enclave, the stock market.
Most recently, at an annual parliament session this month, Premier Li Keqiang again pledged to push ahead with reforms that would allow market forces to determine which companies can sell shares and at what price.
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