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China has lined up a new batch of publicly owned enterprises for listing in Hong Kong, New York, Singapore, Sydney and Tokyo in hopes of enticing overseas investors into helping restructure its nearly moribund state-sector industries. But after the dismal performance of previous "China plays" listed on overseas stock markets, it promises to be a hard sell. Beijing University Founder Group Corp., a mid-size software company, is likely to be the first of the newly designated companies to achieve an overseas listing, says Eammon McManus of HSBC Investment Bank. The new group stands apart from the 20-odd companies already in the listing pipeline, says Wataru Inui of Yamaichi Securities Co. Most of the latter are units of big state-sector firms that are still struggling to eliminate unproductive or unprofitable businesses and restructure their management before listing abroad.
 
Hoping to entice overseas investors into helping restructure its nearly moribund state-sector industries, China has lined up a new batch of publicly owned enterprises for listing in Hong Kong, New York, Singapore, Sydney and Tokyo. But after the dismal performance of previous "China plays listed on overseas stock markets, it promises to e a hard sell.
That may explain why all but one of the seven new candidates are medium-size companies offering fundamental plays on core Chinese industries (see table). Beijing's planning mandarins now seem to realize they can no longer offer up interesting but poorly managed bits of state-sector behemoths to minority shareholders abroad.
Beijing University Founder Group Corp., a midsize software company owned by the university's technology institute, is likely to be the first of the newly designated companies to achieve an overseas listing, says Eammon McManus, head of corporate Finance at HSBC Investment Bank. HSBC hopes to bring this $60 million-to-$70 million technology IPO to the Hong Kong market this month or early next year.
Another candidate is China First Automobile Group Corp., one of the nation's leading automakers. But there is opposition within the company's top management to the overseas listing of the Changchun-based firm, as the powerful company is said to have ample funds and is turning healthy profits. Yet that is what will be demanded if China First Automobile is to become the first "T share," or Chinese listing, on the Tokyo Stock Exchange; the TSE requires a strong candidate that can meet its stringent listing requirements.
Singapore may be able to boast an S share. Tianjin Traditional Chinese Medicine Group Co. is expected to list on the Stock Exchange of Singapore after the Chinese government and Singapore sign a memorandum of understanding, which should happen by year-end. Not surprisingly, the lead underwriter is expected to be DBS Asia Capital, an investment banking arm of the city-state's largest banking group, government-controlled DBS Bank
The new group stands apart from the 20-odd companies already in the listing pipeline, says Wataru Inui of Yamaichi Securities Co. in Beijing. Most of the latter are units of big state-sector firms that are still struggling to eliminate unproductive or unprofitable businesses and restructure their management before listing abroad. Yet Beijing has not forgotten these would-be IPOs; among them are China Eastern Airlines and China Southern Airlines, both of which have been long slated for listing in New York本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。