New Year, new IPOs, same old TaiTai
It’s the start of the year and in keeping with tradition TaiTai and I have been jotting down a list of “improvements” that we think each of us needs to make. We then frame it and hang it outside our bedroom door and it acts as our New Year resolutions.
This little practice of ours helps us open up to each other and have a more transparent relationship, or so we were told by our professional service provider AKA marriage counsellor. While it may sound brilliant on paper, it doesn’t always work out in real life because TaiTai tends to take offence at some of the stuff I write about her.
And an angry TaiTai isn’t too different to the Incredible Hulk and the only way to appease her is to leave some money on the table and let her go on a rampage in Causeway Bay.
It’s also proving to be a rocky beginning for the China IPO market, which has restarted again this month. For years bankers have been asking the China Securities Regulatory Commission to improve the onshore IPO price discovery process, which we all know was as clear as the skies in Beijing.
Now while I’m glad the regulator is finally tweaking the system, I’m not so sure that forcing banks to disclose the name and level of every single bid they receive is such a good way to go about it.
Investors — like TaiTai — are very sensitive creatures, especially when they realise the whole world knows they missed out on the deal because they couldn’t bid properly. Happy New Year!