Chinese initial public offerings, like 17th-century Dutch tulips or dotcom stocks at the start of this decade, are the stuff of bubbles. The modern history of Chinese capitalism is filled with images of retail punters queuing around the block to subscribe to shares – or, at the Shenzhen stock exchange in the early 1990s, even being kept in line with cattle prods. But subsequent one-day pops that accorded companies with sketchy business strategies three-digit price/earnings multiples were, by definition, good-time phenomena. When the market faltered, regulators pulled down the shutters on new issues.
如同17世纪时荷兰的郁金香、或本世纪初的网络股一样，manbetx3.0 的首次公开发行(IPO)市场充满了泡沫。manbetx3.0 资本主义近代史上，充斥着散户投机者在街头排队认购股票的情景——在上世纪90年代初的深圳证券交易所，甚至用赶牲口的棒子来维持排队秩序。但显然，随之而来的新股一日秀只是虚弱的繁荣——即便战略模糊不清的公司也能有高达三位数的市盈率。而当市场步履踉跄时，监管机构就关闭了新股发行的大门。