Xinhua Finance, in partnership with the Milken Institute, one of the world's leading economic and financial research think tanks, calculates a set of eight sophisticated economic indicators that give investors and firms valuable new information about the Chinese financial markets. This below is the one related to Chinese IPO:
March 27, 2008
The IPO indicator is a market-capitalization-weighted performance measure based on IPOs of Chinese companies. Updated monthly, the indicator tracks the performance of A and B shares listed on the Shanghai and Shenzhen stock exchanges and H shares listed on the Hong Kong Stock Exchange.
February 2008: 305.0
January 2008: 293.6
Month-to-month change: 3.9%
February 2007: 231.8
Highlights
February's IPO indicator recouped some of the previous monthfs losses, showing a moderate increase of 3.9 percent, from 293.6 in January to 305.0. The indicator reflects a 31.6 percent increase over the period last year.
Analysis
Nine equities were added to the indicator and 10 were deleted, bringing the February total to 123. Of the 114 equities included in the previous two months, 97 rose in price and 17 fell.
The basic materials sector showed solid performance in February. Western MiningiA share, 601168j, China Molybdenum (H share, 3993), and Xinjiang Xinxin (H share, 3833) together accounted for 35 percent of the increase in the indicatorfs value. Xinjiang Goldwind (A share, 002202), a science-and-technology firm specializing in wind-power generation, showed the greatest loss in market capitalization among all stocks in the indicator. The rebound from the January indicatorfs dramatic drop in value showed that investors are somewhat less pessimistic about future market performance after recent corrections in the Chinese stock markets.
Methodology
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.
Time Period Coverage and Frequency
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.
Sources of Data
The real-time and historical trading data used in the construction of this indicator are provided by Xinhua Finance and Bloomberg; underlying information used to calculate the float ratio is obtained from a variety of sources, including Xinhua Financefs subsidiary Mergent, stock exchanges, regulators, and the companies themselves. Corporate actions are sourced from Xinhua Finance, regulatory filings, and news services.
Source: MilkenInstitute.org
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