China IPOs shrink in Q1

The total value of initial public offerings in China shrank to US$7.85 billion in the first quarter of 2008, down from US$9.06 billion in the same period last year, state media reported. The quarter's largest offering, in which China Coal Energy raised US$3.65 billion, was also the quarter's worst performing IPO, with the company's shares closing at US$2.36 in Shanghai on Monday, down from its trading debut of US$3.16. Sliding stock prices and concerns of oversupply have been blamed for damping enthusiasm for IPOs. Meanwhile, China Everbright Bank said it would hold its IPO in Shanghai in July or August of this year. The bank intends to issue more than 820 million A-shares, accounting for 10% of its enlarged share capital.