Oh well, I failed in my patriotic duty, <<<<<<so I will buy some of this, for hopefully a quick gain, at least not a loss>>>> and sold 90% of my Bank of China shares at a tiny sliver of profit, enough to do absolutely nothing with. The whole IPO exercise was just that, an exercise in futility.
I placed the sales proceeds back in cash, in HK$ for now, awaiting a better opportunity to exchange for more paper gold and CAN$:
biz.scmp.com
Thursday, July 25, 2002
BOC HK shares tumble 4.7pc on debut
Last updated at 6.33pm:
Shares of Bank of China Hong Kong (Holdings) ended their first day of trading on Thursday at $8.10, 4.7 per cent below their launch price of $8.50, and only slightly above the $8.075 price retail investors paid for them - a five per cent discount to the institutional offer price.
The stock's performance proved disappointing, despite buying orders executed through the listing's underwriters, as extreme volatility in global stock markets prompted many retail investors to take profits where they could.
Analysts expected to see further selling pressure on the stock amid continued market turbulence and the perception that the shares are over-priced compared to BOC Hong Kong's local and international peers.
Analysts widely expected the stock to remain at or fall below its shares' offer price of $8.5, in the wake of the over 10 per cent falls of many international bank shares since the offer price was set.
Chairman Liu Mingkang said at the listing ceremony that volatility in United States stock markets, coming from corporate accounting and governance scandals, would inevitably affect global markets, including Asia.
Further volatility could not be ruled out. But the lessons learned from corporate scandals were a positive thing in the long-term, he added. |
