Chinese Dragon roared in 2010, blowing the US off its historic position as the world?s leader in IPOs. Record numbers of Chinese IPOs listed in Hong Kong and the US, producing two of the five largest IPOs of all time. Due in part to the surge in Chinese activity.
Although the overall US IPO market continued its recovery, without the $16 billion General Motors (GM) deal and the record Chinese issuance, IPO volumes were less than they should have been at the current stage of our economic recovery. However, we expect that in 2011, US IPOs will step up in activity due to recent clarity on tax rates, the Federal Reserve's QE2 effort to push investors into the equity market and the prospects of a more business-friendly federal government. In contrast, Chinese issuance may moderate due to government policies designed to temper inflation.
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