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The Journal of Private Equity

The Journal of Private Equity

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Primary Article

Examining the Performance of Venture-Backed Companies in the Hong Kong IPO Market

Anson L.K. Wong and Michael C.S. Wong
The Journal of Private Equity Fall 2008, 11 (4) 28-41; DOI: https://doi.org/10.3905/jpe.2008.710903
Anson L.K. Wong
The head of Credit Risk Research of CT Risk Solutions Ltd., Hong Kong in China.
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  • For correspondence: ansonwong@ctrisks.com
Michael C.S. Wong
An associate professor of finance at City University of Hong Kong in China.
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  • For correspondence: efmcw103@cityu.edu.hk
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Abstract

This empirical study investigates whether venture capitalists (VCs) can certify their portfolio companies as the most promising ones and whether they can alleviate the IPO underpricing issue in Hong Kong market. Although a number of studies show that the VCs can ease underpricing issues and can help their ventures generate better post-IPO operational performance in the US market, we find the effects of VC participations in Hong Kong are different. We find that the underpricing issues of VC-backed IPOs are more severe than non-VC-backed IPOs. We make use of key financial ratios to compare their post-IPO operating performances and find that VC-backed post-IPO performance is poorer than non-VC-backed performance. The result reflects that VCs cannot certify their portfolio companies as those with better prospects and they cannot improve the IPO underpricing issue in Hong Kong market. The significant findings are different from previous studies to some extent. In short, it can add value to the previous articles and tend to solve their drawbacks. It can also contribute to the literature and add insight for future studies on VC development in other Asian markets.

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The Journal of Private Equity
Vol. 11, Issue 4
Fall 2008
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Examining the Performance of Venture-Backed Companies in the Hong Kong IPO Market
Anson L.K. Wong, Michael C.S. Wong
The Journal of Private Equity Aug 2008, 11 (4) 28-41; DOI: 10.3905/jpe.2008.710903

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Examining the Performance of Venture-Backed Companies in the Hong Kong IPO Market
Anson L.K. Wong, Michael C.S. Wong
The Journal of Private Equity Aug 2008, 11 (4) 28-41; DOI: 10.3905/jpe.2008.710903
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