Hai Long

Initial Public Offerings in China Hai Long

This book presents some studies on initial public offerings in China. As emerging stock exchanges, Shanghai Stock Exchange and Shenzhen Stock Exchange have been listed the second and third stock exchanges respectively by the number of IPO deals, which attracted more attention to the Chinese IPO market. This book includes four studies on the market. One study examines IPO success probability; the second one investigates IPO success probability is determined by some administrative factors; both studies facilitate IPO applications. The third one discusses market performance after IPOs. The last one explores the principal factors that determine IPO success. This book is expected to provide the readers with insight into the emerging market.

This book shows that the Chinese IPO market is a profit-dominated and fundraising amount-preferred market; these IPO applicants are welcomed to be listed there. IPO success probability is strongly associated with government connections. After IPOs, high dividend policies have no contributions to the long-run investment horizons in the markets.