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Shandong pushing for IPOs

By Ding Qingfen (China Daily)
Updated: 2008-03-31 13:49

What is also striking is their economic performance. In early 2004, Jiangyin surpassed Shunde in Guangdong province to become the richest county nationwide. Yangxunqiao also ranks first in Zhejiang for its economic status and is included in the list of China's top five towns.

Through the IPO strategy, government officials expect Shandong to catch up to its neighbors. Even though it is second place in terms of GDP, second to Guangdong province, Shandong is still lagging behind in terms of GDP per capita, following Beijing, Shanghai and Tianjin and Jiangsu, Zhejiang and Guangdong provinces.

This is partly attributed to its comparatively lower IPO ratio. As of December 12, a total of 152 Zhejiang companies had been listed at home and abroad. By 2006, 99 companies from Zhejiang had been listed in the domestic market, and in 2007, 26 companies issued public offerings overseas. But as of January, Shandong had only 76 IPOs, according to the China Securities Regulatory Commission Shandong Bureau.

And among the over 200 large- and mid-scale private companies in Shandong, only 20 of them were listed, and 95 percent of the provincial fundraising comes from banks and private financial institutions. The total value of shares listed in the domestic market owned by Shandong-based companies accounted for just 21 percent of the provincial GDP, far below the nationwide average, which stands at 50 percent.

Yiyuan phenomenon

There are reasons behind the IPO reluctance. As Shi Haoquan, standing deputy-mayor of Dezhou in Shandong, says, the companies "either know little about the rewards of an IPO, or are frightened by the costly and tediously long formalities before the IPO is launched, or lack the professional assistance to make it a success."

But why are companies from Yiyuan so enthusiastic? Officials from Yiyuan county believe the government should act as facilitators of IPO initiatives - and the government agrees.

"Yiyuan does not enjoy geographic or talent pool advantages. The regional economy could never make strides until there is an innovative development mode. And corporate capitalization is indeed an efficient alternative," says Han Guoxiang, secretary of the Yiyuan county Party committee.

The local Party committee and government set up an IPO-oriented working mechanism years ago, guiding and supporting qualified candidates in issuing IPOs. They promoted mergers and acquisitions to help build powerful industrial players, paving the way for IPOs. They exempted most of the fees the companies had to pay in the process of applying for IPOs. They launched a corporate development fund as a reward to companies who hold successful IPOs. And they learn from good examples to help those preparing for IPOs.

Their efforts help local companies gain confidence. In 2002, Shandong Pharmaceutical Glass Co Ltd (SPG) issued an IPO in Shanghai, and now it is Asia's largest pharmaceutical glass manufacturer.

The company's success fuelled the IPO wave. In 2005, Shandong Reyoung Pharmaceutical Co Ltd listed in Singapore.

Shandong Luyang Share Co Ltd, the largest manufacturer of refractory fibers in Asia, and Shandong Liaherd Chemical Industry Co Ltd, a leading chemicals producer in China, both debuted in 2008 in Shenzhen. Both domestic listings were designed and processed by the same IPO team employed by the SPG.

In 2007, Yiyuan generated a total output value of 11 billion yuan, 2.6 times that of 2002. In 2007, the four companies recorded revenues and profits worth 3.78 billion yuan and 1.1 billion yuan respectively, making up 27 percent and 48 percent of the county's total.

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