, where they face a skeptical market.
Alex Ko, managing director of Hong Kong-based Peregrine Capital (China) and a director of Peregrine Investments Holdings, says that several Chinese companies from the initial batch of IPOs will be listing in Hong Kong by early next year. Ko claims that Peregrine is preparing to act as lead manager for some of these H shares, but he would not disclose any names. Industry sources, however, believe that Peregrine's next listing in Hong Kong will be Chinas Jingwei Textile Machinery Co., which hails from Taiyuan in the northern province of Shanxi.
All this new-issues activity doesn't mean there will be a repeat of Hong Kong's "China concept" bull market. Most of the foreign investors who have ponied up $3.67 billion since Chinese firms started listing on overseas exchanges in 1993 are out of pocket. They were never given adequate financial information to begin with, and the companies were poorly managed. Underwriters are also more cautious these days.
But more-marketable companies are entering the listing pipeline in Beijing. If they and their underwriters can get the price right, perhaps overseas investors can be persuaded once again to take a punt on the IPOs.
Pricing is paramount
Will the next group of Chinese government-owned companies to seek funding abroad fare any better than their predecessors? They may if they sport modest multiples of four to five times earnings, say analysts. Here's what's known so far about the firms and where they may list.
CHINA FIRST AUTOMOBILE GROUP CORP.
Automaker; Changchun, Jilin province; possibly destined for Tokyo Stock Exchange; underwriter unknown but certainly Japanese
SHENZHEN FREEWAY DEVELOPMENT CO.
Toll road developer; Shenzhen (special economic zone), Guangdong province; possibly destined for Stock Exchange of Hong Kong
WANTONG FREEWAY CO.
Toll road developer; Hefei, Anhui province; possibly destined for Stock Exchange of Hong Kong
SHANDONG XINHUA PHARMACEUTICAL CO.
Pharmaceuticals manufacturer; Zibo, Shandong province; possibly destined for Stock Exchange of Hong Kong
TIANJIN TRADITIONAL CHINESE MEDICINE GROUP CO.
Pharmaceuticals manufacturer; Tianjin; destined for Stock Exchange of Singapore; underwriter is DBS Asia Capital
BEIJING UNIVERSITY FOUNDER GROUP CORP.
Computer software manufacturer; Beijing; destined for Stock Exchange of Hong Kong; underwriter is HSBC Investment Bank; seeking $60 million to $70 million
GUANGDONG KELON ELECTRICAL HOLDING CO.
Refrigerator maker; Shunde, Guangdong province; possibly destined for Stock Exchange of Hong Kong; possibly underwriter is China International Finance Co.
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