Word: ipos
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When the outlandish stock-market events of 2009 are tallied up, the initial public offering (IPO) in Hong Kong of Chinese herbal shampoo maker Bawang International will be a standout. Within 10 minutes of the June 22 opening of the subscription period for shares, one local brokerage, Bright Smart Securities, was swamped with the equivalent of $129 million in orders. In all, the shampoo company received more than $9 billion in orders from Hong Kong retail investors for an IPO that initially sought to raise just $215 million...
...June 24, its first day of trading on the New York Stock Exchange. Back in Hong Kong, Chinese thenardite producer Lumena Resources (thenardite is a key ingredient in powder detergents, textiles, glass, chemical feedstock and pharmaceuticals) rang up 19% in gains on June 17. On June 22, the IPO of China Metal Recycling closed 22% higher. (See pictures of China's infrastructure boom...
...Bernanke's green shoots magically turned into tropical forests overnight? Hardly. There may be some justification for how stock-market indexes in the U.S. and Hong Kong have soared from their lows in March, when it seemed the global economy was sliding off a cliff. But this incipient IPO mania is a different story. Investors are bidding up the stocks of Chinese companies not because their shares had been unfairly pummeled, but because of expectations for future growth that...
...outside advisers, and there would be at least three - one for the U.S., one for Canada and one for the UAW - who would all have to reach consensus on a strategy for maximizing value. That most likely means a gradual release of the shares once an IPO of the new GM has occurred. After that, says Young, "it could take years to unwind the government and union positions...
...union got slightly more flexibility in the stock-sale terms negotiated for the Chrysler VEBA. Those terms say the VEBA can start selling stock within six months of any Chrysler IPO, or if Fiat becomes the majority owner, or by June 30, 2012. Though the VEBA could sell its stake to Fiat in a private deal anytime, Gettelfinger has suggested he would like to see an IPO as the best way to maximize the value of the shares...