Baosteel shows China's potential

The domestic IPO of Baosteel is a potent sign of the potential size and quality of China''s domestic capital markets.

Last weeks's A share offering by China's Baoshan Iron and Steel Company Baosteel is a record domestic equity offering and one of the most significant deals to come out of China this year. At Rmb7.7 billion $930 million the deal is twice as big as last year's Rmb4 billion A share deal for Shanghai Pudong Development Bank, previously the largest Chinese equity deal.

But in all things financial, it is not just size that matters, it is how you do it that counts. And this deal accomplished so much through how it was done, that it will come to be seen as a groundbreaker for years to come. Lead managed by CICC, the...

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