Word: kong
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...timing is certainly right. Analysts say Hong Kong Disneyland needs to expand to stand up to plans for a much larger Shanghai Disneyland in the next few years. Construction has not begun, but the Shanghai municipal government and Disney Co. signed off on a project proposal earlier this year. The new plan could also lift spirits at a time when Hong Kong's tourism has taken a hit on swine flu concerns. According to the Hong Kong Tourism Board, the number of new visitors to the city in May dropped a steep 13.4% year on year. For the first five...
...pictures of Hong Kong...
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...
...Such examples of excessive investor ardor for new Chinese stocks aren't hard to find. Shares of Chinese water-treatment-equipment supplier Duoyuan Global Water soared 37% on 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...
...Have Ben 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...