"Chinese regulators have imposed a partial ban on listed companies raising capital from equity markets to repay bank loans or replenish working capital, amid a general tightening of liquidity and official curbs on soaring bank debt in the country.
At least 34 companies, mostly in the industrial and real estate sectors, have cancelled or reduced plans to raise money through private placements or secondary offerings in recent weeks.
Many of those companies said their plans were vetoed by the securities regulator, which said they are no longer allowed to raise money for working capital or repaying bank debt."
Και το άρθρο συνεχίζει:
What’s more, some companies, including some listed cement producers, said they had been ordered to abandon their fundraising plans because they are in sectors identified by the central government as “suffering from over-capacity”.
The move to restrict secondary issuance in the equity market reflects curbs on bank lending imposed last month after loans issued in the first two weeks of the year hit Rmb1,100bn ($161bn).
The government has also moved to limit IPOs by real estate developers and some industrial companies in efforts to curb a growing real estate bubble, regulate the flow of new bank loans and reduce overcapacity in some sectors.
All these moves come in response to fears of overheating in the Chinese economy and warnings about nascent asset bubbles after last year’s explosive growth in bank lending.
And yes, such draconian measures will rein in greedy property developers and fast-buck speculators. But they also close off almost every fund-raising avenue available to cash-strapped companies in certain sectors".
Το άρθρο καταλήγει με μια απορία: "This comes down to the question of regulatory interference in the market; how is anybody going to decide the price of a Chinese share if the regulator is forever deciding who can or cannot sell them?"
Η απάντηση είναι απλούστατη: αυτοί είναι οι όροι του παιχνιδιού. Μόνος σου αποφάσισες να δραστηριοποιηθείς. Κανείς δεν ζήτησε την παρουσία σου. Η πόρτα εξόδου παραμένει πάντα ανοιχτή. (Βλέπετε πόσο ωραία είναι τα πράγματα όταν έχεις σε τάξη τα οικονομικά σου;)
