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Poor debut shatters myth of assured new share success,[link widoczny dla zalogowanych]
All of the five companies that debuted on China's A-share market Tuesday fell below their initial public offering (IPO) prices, which belied the conventional wisdom that new shares never fail.
Stock prices of Anhui Sierte Fertilizer Industry Co., Ltd.,[link widoczny dla zalogowanych], Shindoo Chemical Industry Co.,[link widoczny dla zalogowanych], Ltd., Jiangsu Asia-Pacific Light Alloy Technology Co., Ltd. and Anhui Honglu Steel Construction (Group) Co., Ltd. 鈥?the five companies that debuted on the Shanghai Stock Exchange and the Shenzhen Stock Exchange 鈥?fell around 10 percent below their IPO prices. Changshu Fengfan Power Equipment Co.,[link widoczny dla zalogowanych], even fell short of its IPO price by 14.46 percent.
Since the reform of China's IPO approval mechanism,[link widoczny dla zalogowanych], investors have found it more and more difficult to bet on new stocks.In 2010, share prices of 26,[link widoczny dla zalogowanych], or around 7 percent,[link widoczny dla zalogowanych],[link widoczny dla zalogowanych], of the 347 companies that finished their IPOs fell below IPO prices on their first trading days. Since the beginning of this year,[link widoczny dla zalogowanych], 21 companies debuted on China's capital market, while stock prices of nine of them dropped below IPO prices on their first trading days.
On Jan. 13,[link widoczny dla zalogowanych], Sinovel Wind Group Co,[link widoczny dla zalogowanych], China's top wind turbine producer,[link widoczny dla zalogowanych],[link widoczny dla zalogowanych], debuted on the Shanghai Stock Exchange with an opening price 3.33 percent lower than its initial public offering. Sinovel fixed the issue price of its IPO at 90 yuan per share and planned to raise up to 1.4 billion U.S. dollars in one of the most expensive main board IPOs in Shanghai.Analysts pointed out that the weak market and excessively high IPO prices have overdrawn the upward potential of the new shares.
According to an online survey conducted by Shanghai Securities News and Stockstar.com, 78 percent of individual investors believed that the debut performance of the five companies was "reasonable" and more than 85 percent thought financial institutions that fixed prices too high were responsible.Financial institutions also suffered for their irrational actions. Twenty-seven public funds witnessed altogether 42.8 million yuan of floating loss on the five companies.
Goldman Sachs Wednesday reported its fourth-quarter earnings fell 53 percent because of sharp declines in its investment banking businesses.Goldman Sachs Group Inc. earned 2.23 billion dollars after paying preferred dividends in the last three months of 2010,[link widoczny dla zalogowanych], down from 4.79 billion dollars in the same period 0f 2009. On a per- share basis,[link widoczny dla zalogowanych], the earnings came out to 3.79 dollars per share versus 8.20 dollars per share.
The bank paid its employees 15.38 billion dollars in salaries and bonuses for 2010,[link widoczny dla zalogowanych], or 39.3 percent of its annual revenue. The reading was 5 percent lower than 2009.For the year, the bank's income fell 37 percent to 7.71 billion dollars,[link widoczny dla zalogowanych], while its revenue declined 13 percent to 39.16 billion dollars. Earnings per share fell to 13.18 dollars from 22.13 dollars.
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