Why Newly Listed Chinese Stocks Fall Below Their IPO Prices (Nikkei Asia)

To undercut initial high bidders, crowds of institutional investors often offered lower IPO price quotations that were almost or exactly the same in unison, taking advantage of rules in which at least the highest 10% of total quotes should be rejected. The September rule change cut the percentage to no more than the highest 3%, reducing the effectiveness of previous bid tactics and allowing companies to set loftier IPO prices to raise more money. READ MORE

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