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 2009年美国IPO - 中国公司独领风骚 |
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BWolfe_2001
警告次数: 1
头衔: 海归准将
声望: 博导
性别:  年龄: 44
加入时间: 2009/01/15
文章: 1222
来自: 堪培拉
海归分: 101100
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作者：BWolfe_2001 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Chinese Growth Companies Led The Way In 2009 New-Issue Market
Amy Reeves , On Thursday December 31, 2009, 6:16 pm EST
For the IPO market, 2009 was a year of rebuilding.
After the disaster of September 2008, new issues were nearly non-existent for two quarters. But IPOs began to blossom in the spring.
The pace of new issues picked up toward the end of the year. Come December, 2009 recorded more IPOs than 2008, though due to 2008's huge Visa (NYSE:V - News) offering, it didn't raise as much money.
The new-issue count of 66 was still anemic by historical standards, the second lowest number in the last 30 years after 2008. But analysts see things moving in the right direction.
"In the last three months of 2009, not only did the pipeline grow severalfold, but the amount of IPOs that actually debuted grew exponentially from earlier in the year," said Scott Sweet, managing partner with IPO Boutique.
Chinese Growth Story
The nature of the IPOs was eclectic, but several longer-term trends continued in 2009. For one, the Chinese invasion. According to Renaissance Capital, 17.5% of firms that debuted on U.S. markets were Chinese, up from 4.6% in 2006.
China was even more dominant among the emerging growth companies that tend to excite IPO investors the most.
Some of the highest returns of 2009 came from small Chinese industrial firms that were priced dirt- cheap. Wire maker Lihua International (NasdaqCM:LIWA - News) priced at 4 in September and climbed above 12 by December. Water utility Tri-tech Holding (NasdaqCM:TRIT - News) debuted around the same time at 6.80 and soon tripled in price.
Some larger, pricier Chinese offerings also scored high returns. Duoyuan Global Water (NYSE:DGW - News) was one of the year's star IPOs, pricing at 16 in June and currently trading above 30. Online-game maker Changyou.com (NasdaqGS:CYOU - News), which came out near the bottom of the market April 2, followed a similar pattern.
"With China, first of all, the economy is growing faster," said Jay Ritter, a finance professor at the University of Florida. "It's a larger country, and a smaller fraction of its companies are publicly traded. There are more opportunities for both government-backed and private-sector companies to go public."
China also provided some of the year's top disappointments. Sweet says he heard buzz about the IPOs of Shanda Games (NasdaqGS:GAME - News) and Concord Medical (NYSE:CCM - News), only to watch them tank when they came out.
"Our checks were showing they were hugely oversubscribed, but what I'm finding out now is that those numbers are coming from Asian funds," said Sweet. "I myself would advise my clients (on) the Chinese deals that are forthcoming: Look twice."
Last year showed the continuing fallout from the private-equity buying binge of the middle part of the decade. To pay off leveraged buyouts, many big-name companies went public for the second time, often after a short absence.
Discount retail chain Dollar General (NYSE:DG - News) returned to the market just two years after KKR bought it up. Other repatriated stocks included college network Education Management (NasdaqGS:EDMC - News), nutritional retailer Vitamin Shoppe (NYSE:VSI - News) and freight railroad RailAmerica (NYSE:RA - News). And Dole Food (NYSE:DOLE - News) came back six years after its chairman bought it out.
According to Renaissance Capital, private equity backed more than a third of last year's IPOs, raising $4.4 billion. But investors were less enthusiastic: The average return on these offerings was -9%.
"As an investor, you always want to ask why the company is going public," said Morningstar analyst Bill Buhr. "Are the proceeds going to benefit the company, help it grow, make strategic acquisitions? Or is it a few big stockholders selling their stakes?"
In 2009, the answer was usually the latter. A study released in November by R.W. Baird found that 30% of the proceeds of the first three quarters' IPOs went to insiders, the highest amount since before 2000. The fourth quarter continued the pattern. Private equity was the most common reason.
Analysts expect the large presence of China and private equity to continue in 2010. They also expect a return of the trusty American venture-capital-backed growth companies that investors love.
A few of these appeared in 2009.
Tech companies SolarWinds (NYSE:SWI - News), OpenTable (NasdaqGM:OPEN - News) and Fortinet (NasdaqGM:FTNT - News) pulled off successful offerings in 2009 and are still trading above their initial prices.
Those are profitable companies. But some analysts have bigger game in their sights. Sweet, for one, believes social-networking giant Facebook is about to take the plunge.
"When they broke the stock into A and B shares, there was no need to do that if they were going to stay private," he said. "The money they could raise would be astronomical."
Other hoped-for deals include Twitter, linkedIn, Yelp and Zynga. This focus on IT would also be a continuation of 2009. The tech sector provided 16 IPOs over the year, more than any other industry.
The health care and financial sectors were tied for second place with nine deals apiece.
Few Operating Companies
Apart from the giant spinoff of Banco Santander Brasil (NYSE:BSBR - News) from Banco Santander (NYSE:STD - News), the financial IPOs were mostly investment vehicles rather than operating companies. Health care was more eclectic; like tech, it showed the unwillingness of firms to go public without a profit. Only Omeros (NasdaqGM:OMER - News) was a throwback to the days of development-stage biotech IPOs; it tanked.
Renaissance Capital analyst Nick Einhorn said he expects the 2010 IPO market to be "more growth-oriented" than 2009's, but isn't sure if the appetite for risk will extend to biotechs. He does point 15 a possible joining of the health and tech sectors with the rising interest in electronic health records.
"I wouldn't be surprised to see those kinds of companies (go public)," he said. "I think that kind of shift is going to continue."
作者：BWolfe_2001 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 2009年美国IPO - 中国公司独领风骚 -- BWolfe_2001 - (6278 Byte) 2010-1-12 周二, 08:57 (1586 reads)
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