China United IPO: A ray of light for mainland institutional investors?

Domestic investors are used to watching China''s best assets listed abroad. China United''s IPO could signal a change. But the number of good companies is still limited.

Chinese Institutional investors must be delighted and amazed they can finally invest in a company with some resemblance to a blue chip, despite China United's problems in rolling out the controversial CDMA technology.

China Unicom shares are expected to start trading in the run-up to the China's national day holiday on October 1. The share offering is the second largest in the history of the domestic markets, following China Petroleum and Chemical Corp's RMB 11.8 billion $1.4 billion offering last year. China United plans to raise RMB 11.5 billion from the operation.

Stock markets in China are notorious for their motley collection of small to medium enterprises in sunset industries. The government has been using...

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