Xinhua Finance/Milken Institute Chinese IPO Indicator Update
SHANGHAI, China, May 22 /Xinhua-PRNewswire/ -- Xinhua Finance Limited and the Milken Institute today release the media update on the Chinese IPO Indicator.
Indicator Value Change
April 2007: 251.1
March 2007: 244.5
Month-to-month change: 2.7%
April 2006: 184.2
Year-to-year change: 36.3%
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The IPO indicator advanced in April, riding the wave of the broader Chinese stock market, which has continued its ascent despite warnings of a market bubble from various government officials. The IPO indicator registered 251.1 at the end of April, 6.6 points higher than the previous month's score of 244.5. Fourteen equities were added to the indicator. Among them was CITIC Bank (A share, 601998; H share, 0998), which raised a combined US$5.4 billion in its dual IPO on the A and H share markets, the largest IPO worldwide this year.
Of the ninety-three stocks included in the April indicator, twenty-one declined in price, while seventy-two increased. Energy, commodity, and transportation stocks pushed the indicator value higher, accounting for eight of the ten equities with the largest increase in market cap this month. Daqin Railway (A share, 601006), China Merchants Energy (A share, 601872), and Datong Coal (A share, 601001) contributed to 62 percent of the increase in score. The A share and H share prices of Industrial and Commercial Bank of China (ICBC; A share, 601398; H share, 1398)) dropped 2.4 percent and 1.2 percent, respectively. Of all constituents, ICBC had the greatest negative contribution to market cap in April, due to its large capital base.
A stock's float-adjusted market capitalization over time forms the basis for indicator calculations. Stock dividends, stock splits, special dividends, share consolidations, repurchases, spin-offs, and combination stock distributions may trigger adjustments to the indicator values. Only companies incorporated and domiciled in mainland China that go public on the Shanghai, Shenzhen, and Hong Kong stock exchanges are included. Companies are removed from the indicator after a period of twelve months.
Xinhua Finance/Milken Institute China Indicators
The Xinhua Finance/Milken Institute China Indicators are aimed at providing investors, analysts, and financial professionals deeper insight into China's money and capital markets. Five of the eight indicators have been launched since November 2006: the Renminbi Pressure Indicator, the Chinese IPO Indicator, the Market Adjusted Debt (MAD) Indicator, the Banking Strength Indicator (BSI), and the Adjusted Trade and Finance (ATF) Indicator. The remaining three indicators will be launched later this year.
Time Period Coverage and Frequency
New companies are added to the indicator as soon as they are listed, while current companies are removed after twelve months. The IPO Indicator has a base date of December 31, 1997, when the indicator's value was set equal to 100, and covers the period from December 31, 1991, to the present. Values are calculated on a monthly basis. The indicator for each month is released in the third week of the following month.
Sources of Data
The real-time and historical trading data used in the construction of this indicator are provided by Bloomberg and Xinhua Finance; underlying information used to calculate the float ratio is obtained from a variety of sources, including Xinhua Finance's subsidiary Mergent, stock exchanges, regulators, and the companies themselves. Corporate actions are sourced from Xinhua Finance, regulatory filings, and news services.
To view additional information, visit http://www.xinhuafinance.com/indicators and http://www.milkeninstitute.org/chinaindicators .
Xinhua Finance Limited is China's premier financial information and media service provider and is listed on the Mothers Board of the Tokyo Stock Exchange (symbol: 9399) (OTC ADRs: XHFNY). Bridging China's financial markets and the world, Xinhua Finance serves financial institutions, corporations and re-distributors through five focused and complementary service lines: Indices, Ratings, Financial News, Investor Relations, and Distribution. Founded in November 1999, the Company is headquartered in Shanghai, with offices and news bureaus spanning 14 countries worldwide.
The Milken Institute is a nonprofit, independent economic think tank whose mission is to improve the lives and economic conditions of diverse populations around the world by helping business and public policy leaders identify and implement innovative ideas for creating broad-based prosperity. The Milken Institute haAAAAtensive expertise in China and conducts ongoing research on China's banking and capital markets. It is based in Santa Monica, Calif. For more information, please visit http://www.milkeninstitute.org .
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