Initial public offerings in China have undervalued companies by up to $200bn over the past six years, academic research indicates, reflecting a struggle to price listings in the world’s second-biggest equity market. Limits on the valuations at which companies can sell shares in IPOs on most Chinese bourses mean that groups listing onshore may have raised just a quarter of what they otherwise could have, according to a working paper provided exclusively to the Financial Times by researchers at the University of Hong Kong.
- Ph.D., Yale University
- M.Acc., University of Waterloo
- Hons. B.Sc., University of Toronto
Dr. Andrew SINCLAIR received his Ph.D. degree in financial economics from Yale University in 2017. He also holds a master’s degree in finance from the University of Waterloo, and a bachelor’s degree in actuarial science from the University of Toronto.
His research studies the financial intermediation, asset management, and the Chinese economy.
- Financial Intermediation
- Asset Management
- The Chinese Economy
- Financial History
- “Banking on the Confucian Clan: Why China Developed Financial Markets So Late,” (with Zhiwu Chen and Chicheng Ma), The Economic Journal, 2022, 132(644), 1378-1413.