As Chinese investment banker Liu Guangfu prepares to file an application for his...
SHANGHAI/HONG KONG - As Chinese investment banker Liu Guangfu prepares to file an application for his client to list on Shanghai’s Nasdaq-style technology board, he is heading into uncharted waters: how to price the new shares and sell them to the right investors.
“Now, you need to find interested investors and talk about the future of the company, and the industry. It’s time-consuming and costly.” The reforms will do away with government control of IPO quality and timing, and allow still loss-making new company start-ups to list. Many are replenishing their capital since the new market - unlike Hong Kong or New York - requires underwriters to share the risk and subscribe for between 2 percent and 5 percent of each IPO they sponsor on the new board.At least one brokerage, Shenwan Hongyuan Group Co Ltd, has reorganised its investment bankers into industry teams to try to develop specialist knowledge in sectors including technology and healthcare - skills not needed before. The company is also raising funds via a $1.
Roadshows - a staple of western deals, where executives meet would-be investors - have long been considered formalities in Chinese IPOs.
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