Deal Of The Week

For the first time this year, a company which had just listed on the Shanghai stock exchange saw its share price dip below its IPO price. Not that China Merchants Securities did well in its 17 November debut anyway: it had opened up 13% from its IPO price, compared with typical summer debuts of at least 28%. Nothing new, one might say: we have long signalled the ending of the Chinese IPO party. High valuations have resulted in disappointment in the course of the autumn. Yet the novelty this time is that beyond high valuations, it is the recent increase

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