英语专业毕业论文：Initial public skepticism.docVIP

英语专业毕业论文：Initial public skepticism 　　 　　In late November, however, the first green shoots sprouted from what appeared to be dead ground as Cantonese diner chain Tsui Wah conducted a resoundingly successful IPO in Hong Kong. Its shares jumped 13% on November 26, its first day of trading, and its stock has continued to trade at a premium to its listing price. 　　Tsui Wah’s solid performance is one of a few signs that investor sentiment toward China-related IPOs is reversing. On November 21, shares of YY surged as the mainland social media network went public in New York. The company’s stock had climbed % from its offering price to close at US$ as of December 18. 　　No doubt, the success of both these issues relied on the string of positive economic data coming out of China. October brought a raft of positive indicators, from retail sales to industrial production, and manufacturing surveys show activity accelerated for a second month in November. With the Chinese economy looking increasingly attractive compared to the US and Europe, foreign investors appear to be warming to China-related IPOs.(This contrasts with investors in mainland exchanges, who remain overwhelmingly negative; the Shanghai Composite index sank to a roughly four-year low in late November.) 　　A toe in the water 　　This reversal in sentiment faced its first major test on December 7. Shares in the People’s Insurance Company (Group) of China(PICC) began trading in Hong Kong after the company raised US$ billion the week before through subscriptions. The country’s second largest insurer can now claim the title of biggest IPO in Hong Kong since the Agricultural Bank of China raised US$ billion in 2010. 　　The media read a lot into the PICC issuance. Headlines in advance of the float alternately claimed that the company’s preparations portended an imminent resurgence of IPOs or continued weak investor sentiment. Bullish observers focused on the strong subscriptions for the PICC issuance: The 17 cornersto