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Wall Street Banks Are Reportedly Retreating from HK IPO Works of Several CN Firms
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Wall Street Journal reported that overseas investors have lost confidence in China IPO deals, citing documents submitted to the HKEX (00388.HK). The documents revealed that Goldman Sachs (GS.US) has dropped a number of Hong Kong IPO mandates this year, including the IPO of mainland skin drug company CUTIA-B (02487.HK) and online medical products platform YSB (09885.HK). Bank of America (BAC.US) also dropped its participation in the upcoming IPO of solar panel inverter maker Growatt. Citing sources familiar with the matter, WSJ reported that Goldman Sachs believes current market demand is too weak for these companies to do well in an IPO. Goldman Sachs also withdrew in April as overall coordinator of the Hong Kong IPO of mainland artificial intelligence company 4Paradigm, which was added to the US Department of Commerce's Entity List in March. Cumulative accumulated capital from Hong Kong IPOs and secondary listings so far this year has fallen 12% YoY to USD2.05 billion, worse than Indonesia. As of the end of May, nearly 90 companies were processing applications for listing on the HKEx Main Board, but falling stock markets, heightened tensions between the US and China, and China's sluggish economic recovery have deterred many global investors. AAStocks Financial News |
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