Volatile IPO pricing hurts interests of retail investors (2)

08:43, February 21, 2011      

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Song Liping, general manager of the Shenzhen Stock Exchange, recently placed responsibility at the door of the investment banks, saying they must improve self discipline in valuing clients' stock sales and be more accountable to investors.

It's not enough. Some issuing firms have been caught colluding with underwriters to bloat their IPO price and punished for insider dealing - but this rarely results in criminal charges. Until the authorities properly clamp down on collusion by introducing punishments that fit the crime, pricing problems will remain.

The interests of minority investors must be protected.

Source: Shanghai Daily
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