China Construction Bank, whose innitial public offering in Hong Kong ranks as the largest in the world this year, will be listed tomorrow. Fund managers are guessing how the share will perform in the following days. Some are saying the price will not fall by more than 10 percent, while some other guess a slight increase.
My question is who will decide the share price. Of course, it is not just the investors. Say, Refco, the New York-based future brokerage, has applied for protection of bankruptcy because of its Chairman's scandel. The two companies, refco and CCB, are different due to the business nature, but they both have "dirty" chairmans. How do investors consider them so differently?
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