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A rainbow arches over Hong Kong's Victoria Harbour in this June 19, 2012 file photo. As well as firing thousands of staff, investment banks in Asia are quietly culling clients, too. The region's initial public offering boom has slowed - the $20 billion mega-IPOs by Agricultural Bank of China and insurer AIA Group Ltd are now more than two years ago - and the banks' business model needs a refresh.
A rainbow arches over Hong Kong's Victoria Harbour in this June 19, 2012 file photo. As well as firing thousands of staff, investment banks in Asia are quietly culling clients, too. The region's initial public offering boom has slowed - the $20 billion mega-IPOs by Agricultural Bank of China and insurer AIA Group Ltd are now more than two years ago - and the banks' business model needs a refresh.
(Bobby Yip/Reuters)

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Appetite for China IPOs still far from healthy

Chinese IPO hopefuls are getting mixed messages. Fosun Pharmaceutical, whose name sounds the same as “revival” in Chinese, has raised $500-million (U.S.) in the first Hong Kong offering for three months. At the same time, however, a real estate trust backed by Li Ka-Shing has cancelled its Singapore listing. Despite a market recovery, the summer lull isn’t over yet.