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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: BubbaFred who wrote (2027)	12/16/2003 12:03:30 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

CORRECTED- China takes Wall Street bull by the horns Reuters, 12.16.03, 11:29 AM ET By Steve James NEW YORK, Dec 10 (Reuters) - Call it the new "China Syndrome." The Peoples' Republic is 'de rigueur' on Wall Street this week -- a visit to the floor of the New York Stock Exchange by Premier Wen Jiabao on Monday, two hot initial public offerings grabbing all the attention of investors, and the purchase of a firm foothold on the Street by Xinhua news agency. On Tuesday a Shanghai-based hotel and airline booking company, Ctrip.com International (nasdaq: CTRP - news - people), saw its share price double during its first day of trading on the NYSE, while investors are bracing for one of the biggest IPOs of the year -- the China Life Insurance (nyse: CTRP - news - people)<2628.HK> offering. This $2.6 billion deal is expected to price late on Thursday and start trading next week. Xinhua Financial Network Ltd., a news agency part-owned by the Chinese government, said on Tuesday it will buy U.S. financial news service Market News International Inc., based in New York. Unlike the 1979 movie in which scientists feared a U.S. nuclear plant meltdown would bore through the Earth to the other side, the new "China Syndrome" has U.S. investors salivating at an expected flood of Chinese IPOs coming in the opposite direction. "The economy is right, there (in China), to do these deals," said Sal Morreale, who tracks IPOs for Cantor Fitzgerald in Los Angeles. "Ctrip turned from being very lukewarm to being oversubscribed. "Look at (Chinese Internet media firm) Sina (nasdaq: SINA - news - people), it has done well; Internet companies have done well, China Life is in great shape. "It's sort of like a new frontier," said Morreale. "These two deals show the tremendous potential (of Chinese IPOs)." ... forbes.com