<tt id="6hsgl"><pre id="6hsgl"><pre id="6hsgl"></pre></pre></tt>
          <nav id="6hsgl"><th id="6hsgl"></th></nav>
          国产免费网站看v片元遮挡,一亚洲一区二区中文字幕,波多野结衣一区二区免费视频,天天色综网,久久综合给合久久狠狠狠,男人的天堂av一二三区,午夜福利看片在线观看,亚洲中文字幕在线无码一区二区

          IPOs: Who vouches for the sponsors?

          Updated: 2011-12-14 13:47

          By Gao Changxin (China Daily)

            Comments() Print Mail Large Medium  Small 分享按鈕 0

          IPOs: Who vouches for the sponsors?

          Companies enter China's stock exchanges with help from IPO sponsors, but then are on their own. Stocks fell on Tuesday to their lowest level since March 2009 after housing sales slumped. [Photo / China Daily]


          IPO sponsors face credibility crisis after series of scandals, Gao Changxin reports in Shanghai.

          For sponsors of initial public offerings (IPO), nothing is more important than due diligence. But in China, their diligence seems due.

          China's 21-year-old stock market has not been short of scandals. But, following a number of high-profile incidents involving listed companies this year, more investors are questioning the credibility of information disclosure by listed firms and the diligence of their sponsors.

          Investors were shocked last month when Haitong Securities Co Ltd used the wrong company's name in its IPO recommendation letter. Zhejiang Daoming Optics & Chemical Co Ltd was applying to launch its IPO. However, a different company, which makes playing cards, was named in the sponsor's recommendation.

          Earlier in November, Gu Yucun, chairman of Nanning Baling Technology Co Ltd, was reported to be under criminal investigation for embezzlement. The company had just issued shares publicly and was waiting to be listed.

          China's securities law forbids a company to issue shares publicly if senior managers or major shareholders are under police investigation. Ji Yaping, Nanning Baling's sponsor representative with Minsheng Securities Co Ltd, told local media that he was "not aware of the situation".

          Vouching for accuracy

          The China Securities Regulatory Commission introduced the IPO sponsor system in 2004. Under the system, Chinese companies seeking an IPO on the Shanghai or Shenzhen exchange are required to obtain the endorsement of a qualified sponsor.

          The sponsors are to complete a due-diligence checklist and sign a declaration that they are aware of the legal consequences before they recommend an IPO candidate to the commission for approval.

          The sponsors are required to make sure financial data and other information provided in the IPO prospectus are truthful. They also continue to oversee disclosure information, to be sure it is valid, for one or two years (depending on the trading board) after the company floats its shares. It is a common practice for an underwriter to also act as the sponsor of an IPO.

          "The system was aimed at improving the quality of public companies and better protecting investors' interest," said an employee with the investment banking department of a major securities company in China. The person refused to be named.

          "Seven years later, the quality of listed companies has improved a lot."

          Trading reversals

          But has it? The recent development of the country's Growth Enterprise Board sheds some light on how the sponsor system has functioned.

          The Nasdaq-style board, designed for growth companies with smaller capitalization, was launched at the end of 2009. By the end of October this year, its listings had ballooned from 28 to 247.

          But now, about 70 percent of the stocks are trading below their issuing value, despite the high price/earnings ratios when they floated shares. In the third quarter this year, 78 companies reported a loss and earnings declined at a third of companies. In all of last year, earnings declined at 25 companies the same year they went public.

          Xuzhou Combustion Control Tech Co Ltd went to the extreme. Last Dec 29, it floated shares at a price/earnings ratio of 80 after its earnings had grown more than 70 percent annually over three years. But its 2010 annual report, published several months later, reported that company earnings declined by 0.43 percent.

          Liu Guanwu, an IPO analyst with Analysys International, a Beijing-based consultancy, said that instead of supervising IPO candidates, the sponsors acted to beef up the candidates' earnings.

          "Many of the companies on the board just don't have big growth potential, though they are supposed to. The reason they enjoyed high price/earnings ratios is that the investment banks 'packaged' them into high-growth companies and made investors believe it," Liu said.

          "The investment banks' interests are tied up with that of the IPO candidates. The more money the companies raise, the higher the banks' commissions."

             Previous Page 1 2 Next Page  

          主站蜘蛛池模板: 美女无遮挡拍拍拍免费视频| 综合成人亚洲网友偷自拍| 在线精品另类自拍视频| 久久日韩精品一区二区五区| 欧美视频精品免费播放| 九九热免费在线视频观看| 人妻无码| 亚洲日本精品国产第一区| 国产极品嫩模在线观看91| 1769国内精品视频在线播放| 18禁无遮挡啪啪无码网站破解版| 强奷漂亮少妇高潮伦理| 亚洲理论在线A中文字幕| 又爽又黄又无遮挡网站| 午夜av福利一区二区三区| 亚洲精品无amm毛片| 加勒比无码av中文字幕| 中文无码字幕一区到五区免费| 亚洲欧美偷国产日韩| 在线观看国产一区亚洲bd| 国产睡熟迷奷系列网站| 日本新japanese乱熟| 亚洲综合一区二区三区在线| japanese无码中文字幕| av综合亚洲一区二区| 亚洲中文无码永久免费| 久久精品国产亚洲av亚| 国产91精品调教在线播放| caoporn免费视频公开| 成人亚洲国产精品一区不卡| 欧洲成人在线观看| 亚洲高清乱码午夜电影网| 国产成人免费手机在线观看视频 | (原创)露脸自拍[62p]| 精品一区二区三区不卡| a级毛片在线免费观看| 公天天吃我奶躁我的在线观看| 色综合欧美五月俺也去| 人成午夜免费大片| 久久亚洲AV成人无码电影| 亚洲精品国模一区二区|