China Galaxy Securities

China Galaxy Securities (CGS) raised US$1.1 billion from their IPO, about 20 per cent less than the upper limit of what they previously hoped to raise. Photo: Reuters

China IPOs: still not ready for prime time

Everyone is hailing the success of two massive China IPOs this week that seems to herald a new uptick in the moribund sector, with relatively strong debuts for offerings from Galaxy Securities and Sinopec Engineering. But I'm going to go ahead and play the contrarian.