In the first half 331 590 operations come from Asia

Asia continues to dominate clearly introductions on the stock exchange. The Asia-Pacific accounted for over half (56) surveys of 46.1 billion in the second quarter, according to a study of Ernst & Young (E & Y). In the first half, 331 590 operations come from Asia. Companies of this continent lifted 61.1 98.8 billions of dollars (62), which in fact - by far - the first region in the IPO.

China and Hong Kong are almost 36 billion total half-year. Three of 10 larger operations of the year are Chinese. "The strong growth of China reads in the primary market", said Franck Sebag, E & Y partner. The trend should continue with the entry to the imminent rating of Agricultural Bank of China (Agbank), which could be one of the largest introductions in the world, even the most important of all time, before another bank China, ICBC, and card issuer Visa. According to the first collected by press agencies, it could throw a little more than $ 22 billion if the overallotment option is exercised (see page 24).

The total number of introductions in Shanghai and Shenzhen could reach 300 by 2010 (compared to 99 in 2009), according to PricewaterhouseCoopers. In total, the companies could raise about 500 billion yuan ($74 billion) this year. The amounts in the first half already exceed those of last year, so that some professionals see a detrimental instead congestion. And that's not counting the capital increases giant as the nearly $ 9 billion of Bank of China, announced late last week. The major Chinese banks could raise $ 70 billion, according to Bloomberg.

Even if the stream will remain limited, some Western companies could feed the flow of introductions in Asia in the wake of Rusal or L'Occitane, or Russians EN Group and Petropavlovsk. A rating of Chinese activities of Auchan is also possible ("Les Echos" from June 9).

French lethargy

No wonder in this context to what Shenzhen award is the world of the introductions on the stock market in the first half, both value and number of introductions. Amount, it thus ahead of Tokyowhich allowed the Dai - Ichi Life Insurance Mastodon, in March - Shanghai and New York. The first European place, Warsaw, only appears in the classification of Ernst & Young to the 8eposition, before London. It is one of the recent trends: the rise of the Poland (with including PZU, the third largest operation of the half, and soon Tauron). "Even if it remains down Asia, Europe - via including East returned to the scene of large introductions", said Franck Sebag.

In a context which remains difficult, the hexagon is very indented in the hierarchy of the centers around the world. According to the classification of Thomson Reuters, Alternext Paris only happens to the 26eplace in the first half (in amount lifted). "The primary market in Europe is a little out of his lethargy, but not yet France, without that there are fundamental reason to explain the difference with other countries." "It is in any case not differences in regulations that explain the withdrawal, the French authorities having made great efforts in this area, including the establishment of the professional market", summarize Erwan bar and Samia Sellam, lawyers for Paul Hastings.

"With the split of Accor (Edenred), was not there large operations as in other countries such as the Germany, but rather the average rating." "We have seen including many biotechnologies in France, in small amounts, as Novagali Pharma, which will soon take its first steps", adds Franck Sebag. The investment bankers expect not huge operations within just months.