日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語(yǔ)Fran?ais
Business
Home / Business / Finance

Pricey IPOs weigh on HKEX

By Luo Weiteng in Hong Kong | China Daily | Updated: 2018-05-24 09:16
Share
Share - WeChat
A trader in the Hong Kong Stock Exchange. [Photo by Parker Zheng/China Daily]

Investors losing interest in 'hyped' stocks of new economy companies

A group of Hong Kong-listed new economy companies have fared poorly so far this year, throwing cold water over the city's once red-hot stock market that is mired in overpriced IPOs, and hinting at a market-wide focus shift.

The Hang Seng Index was down 1.82 percent, or 568.71 points, to finish at 30,665.64 points on Wednesday.

"I would not say the market is not upbeat on new economy companies anymore. But it shows signs of a shifting focus from 2017," said Fielding Chen Shiyuan, Asia economist at Bloomberg Intelligence in Hong Kong.

"More importantly, the tepid response has sounded alarm bells to investors, who had blindly chased after the much-hyped unicorns ($1 billion startups) without the slightest idea about their fundamentals. It may put an end to the good old days, when a unicorn or new economy tag was good enough to guarantee the IPO would live up to the hype."

Ping An Healthcare and Technology Co Ltd's HK$8.8 billion ($1.1 billion) listing came as the first mega-deal on the Hong Kong stock exchange this year. It joined a group of once highly sought-after new economy companies that have fallen from grace to trade close to or below their IPO prices.

The operator of mainland online healthcare platform Ping An Good Doctor saw its shares close unchanged from the IPO price of HK$54.80, before extending losses to finish below the IPO price on its second trading day. The disappointing performance put Ping An Good Doctor in the same boat as Razer Inc, Yixin Group Ltd, China Literature Ltd and ZhongAn Online P&C Insurance Co Ltd. The companies fed the new economy IPO frenzy in Hong Kong last year, but have seen a combined HK$177 billion sell-off in market capitalization from earlier highs.

Shares of ZhongAn Online P&C Insurance are down more than 48 percent from post-IPO peaks. More than HK$69 billion was wiped off its market capitalization, making the Tencent Holdings Ltd-backed company the biggest loser among the four.

Yixin Group surrendered most of its early gains and saw its market value dip almost HK$39 billion from its peak. Razer's share price was more than halved, according to data from the Hong Kong Exchanges and Clearing Ltd, the operator of the Hong Kong bourse.

China Literature remains the one and only survivor, with its share price managing to sit above the IPO price. However, it has plunged more than 40 percent from earlier highs.

The dismal performances are casting a shadow over Xiaomi Inc, which has reportedly trimmed its valuation for its blockbuster Hong Kong IPO, which could raise at least $10 billion.

Xiaomi was previously said to target a valuation of as much as $100 billion. But within just a week, investors reportedly voiced mounting concerns over the company's high valuation, which eventually dragged the figure to between $60 billion and $70 billion.

Most of the new economy companies-largely new and small firms in high-tech and healthcare-related sectors-do not have a long track record of reporting revenues or profits, and face uncertainty in cashing in on their technologies, said BOCOM International Strategist & Head of Research Hong Hao.

The tepid response may follow the twists and turns of the benchmark Hang Seng Index, which has been haunted by the specter of the United States Federal Reserve interest rate hike and China-US trade dispute this year, said Chen. The tepid performance has weighed on the weak fundamentals of those loss-making unicorns, he added.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 国产精品免费播放 | 95视频在线播放 | 狠狠干在线 | 欧美一区二区黄 | 99久久精品国产高清一区二区 | 久草久草久草久草 | 精品九九| 久久久久久久国产 | 神马电影网午夜 | 丰满年轻岳中文字幕一区二区 | 久久青草国产免费观看 | 日韩成人在线播放 | 欧美成人一级视频 | 免费观看性欧美一级 | 国产精品日本一区二区不卡视频 | 欧美一区二区三区播放 | 欧美高清在线精品一区二区不卡 | 日本免费观看官网 | 黄网站免费在线观看 | 久久艹免费视频 | 日日摸夜夜添夜夜添aa | 午夜在线电影 | 91福利在线观看 | 日韩视频第二页 | 久久色亚洲 | 国产精品极品美女在线观看免费 | 亚洲三级国产 | 色xx综合网| 日本无卡无吗在线 | 成人久久一区 | 日韩欧美在线视频播放 | 中文字幕免费 | 啪啪网免费 | 欧美午夜一艳片欧美精品 | 欧洲一级毛片 | 国产亚洲精品久久无亚洲 | 青草草在线视频 | 欧美日韩综合视频 | 成人做爰视频免费 | 无码国产精品成人午夜视频 | 中文字幕一区在线观看视频 |