Shenzhen turns pig parts into gold?
Goldman Sachs seniors still trembling from their grilling before the US Senate and the news of a criminal probe by federal prosecutors could take comfort in at least one win for the reeling banking giant last week – the stellar IPO of Shenzhen Hepalink Pharmaceutical on the Shenzhen Growth Enterprise Market board, a.k.a. ChiNext.
Hepalink – whose main product is unappealingly sourced from pig intestines – sold 10% of its total shares at 73x 2009 earnings, in the best result ever for a PRC A-share listing, valuing the whole...
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