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China's IPO market experienced a slump1 in 2012 as concerns continued over the country's slowing economy.
The Shenzhen and Shanghai stock exchanges registered one hundred and fifty new listings, together raising just over one hundred billion yuan; around sixteen billion US dollars.
In Shenzhen, funds raised were down 45 percent and down 63 percent in Shanghai.
However, Chief Investment Officer at Fidelity2 Worldwide Investments Dominic Rossi is keeping faith in the Chinese stock markets heading into 2013.
"We continue to believe in the Chinese equity3 market. It certainly not an expensive equity market today. And we also are very confident about the transformation4 that is taking place as China migrate from being a fixed5 investment orientated6 economy to one which is more consumer led."
International accounting7 firm PricewaterhouseCoopers expects around 200 new listings on Chinese mainland equity markets this year.
These could raise up to one hundred and fifty billion yuan, or nearly twenty-five billion US dollars.
The anticipated offering by state-run Xinhuanet.com is one IPO which is getting a lot of attention.
CEO of the Kwester social gaming website Frank Yu is surprised by the move.
"For a government entity8 to go IPO is somewhat unusual. It's almost like you're privatizing a portion of that company".
Some reports say the IPO has been in the works since as early as the start of 2011.
"The first thing is it could take a long time to go through with enterprise reform. They are going to change from SOE to the private-owned enterprise. I think it could take a long time to do this. And another reason is to wait for a good stock environment."
He also argues the 2012 listing by people.com.cn has influenced the IPO timing.
"They watch the People Daily, you know the previous listed company. They want to see their performance."
The People's Daily IPO raised three times more than initially11 planned, receiving funds worth nearly one and a half billion yuan.
After an initial offering price of 20 yuan, share prices soared by over 90 percent within 2 days of trading.
Testament12 to its performance, people.com.cn has maintained a high price of around 39 yuan per share so far this year and profits are up 44 percent.
"There's no guarantee that any IPO will be successful, but having the fact that it's backed by the government, a lot like a Chinese bank is backed by the government, gives a little more confidence to investors that, well, its just not going to go belly-up and that it is sort of backed by a guarantee that someone is going to support it."
People.com.cn saw large investments coming from other state-owned enterprises such as China Mobile, China Unicom and China Telecom Corp.
Frank Yu of Kwester believes companies could be interested in Xinhuanet on more of a strategic level rather than as a money maker15.
"There's also other companies that make investments not so much for the return, they really make a strategic investment to develop a relationship, and allow things like telecoms and media conglomerates16 and they make strategic investments. For example, Disney, you know, I have no inside information on this but I think if Disney takes a stake in Xinhua, Xinhua will somehow give them some content and help them get distribution in China, and they sort of, do some sort of trade and they seal the deal by trading shares with each other."
And Analysys International's Jason Qi argues the offering will give Xinhuanet the opportunity to develop as a global media organisation17 and distributor of information.
"I think they can extend their business into the new business media industry, centralize the online website and mobile internet market, they can to develop some applications, they can take advantage of their transitional media strengths which the new media business line to obtain more market share."
With a date yet to be confirmed for the offering, investors will be keeping a close eye on Xinhuanet's developments.
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1 slump | |
n.暴跌,意气消沉,(土地)下沉;vi.猛然掉落,坍塌,大幅度下跌 | |
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2 fidelity | |
n.忠诚,忠实;精确 | |
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3 equity | |
n.公正,公平,(无固定利息的)股票 | |
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4 transformation | |
n.变化;改造;转变 | |
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5 fixed | |
adj.固定的,不变的,准备好的;(计算机)固定的 | |
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6 orientated | |
v.朝向( orientate的过去式和过去分词 );面向;确定方向;使适应 | |
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7 accounting | |
n.会计,会计学,借贷对照表 | |
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8 entity | |
n.实体,独立存在体,实际存在物 | |
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9 timing | |
n.时间安排,时间选择 | |
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10 analyst | |
n.分析家,化验员;心理分析学家 | |
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11 initially | |
adv.最初,开始 | |
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12 testament | |
n.遗嘱;证明 | |
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13 investors | |
n.投资者,出资者( investor的名词复数 ) | |
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14 analysts | |
分析家,化验员( analyst的名词复数 ) | |
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15 maker | |
n.制造者,制造商 | |
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16 conglomerates | |
n.(多种经营的)联合大企业( conglomerate的名词复数 );砾岩;合成物;组合物 | |
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17 organisation | |
n.组织,安排,团体,有机休 | |
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