China is increasingly a country of capitalist values – at least when it comes to IPOs.
Of nine companies expected to hold initial public offerings in the United States this week, six are from China, and one is from Taiwan, according to media reports.Dealogic said that will be a record when it comes to the number of Chinese companies listing in the United States in the same week, reports sfgate.com.
Out of six Chinese companies having IPOs this week, half of them are Internet-based, adds Digital East Asia. Digital East Asia says the companies include:
- Youku: Similar to YouTube (News - Alert), it hopes to raise $154 million, and will give the company an initial $1 billion valuation.
- China Dang: Similar to Amazon.com (News
- Alert), it hopes to raise $204 million, and will give the company an initial $936 million market cap.
- Sky-mobi Limited: It runs a mobile apps store. It hopes to raise $65 million.
The news about Chinese IPOs comes after a study by Ernst & Young showed that global IPO fundraising picked up in the third quarter thanks in large part to China.In the third quarter, Asian issuers accounted for 83 percent of dollar volume, the study said. It was $43.8 billion for 173 IPOs. Chinese issuers made up over three-quarters (76 percent) of global fundraising, $40.1 billion in 110 deals – a 147 percent increase in total proceeds from the second quarter, according to Ernst & Young...ReadMore>>
