IPO Pricing Efficiency in China
: Evidence from the ChiNext Board

Student thesis: Doctoral Thesis


This commentary presents the logical connections between and among seven published papers in order to demonstrate that these papers form a comprehensive and coherent contribution to the academic literature of ChiNext IPO pricing efficiency. The papers are organized into two research streams: 1) ChiNext IPO underpricing (Papers 1A – 1D), 2) ChiNext IPO pricing in the context of regulation regime (Papers 2A – 2C). Their contribution is two-fold: First, papers in Research Stream 1 (Papers 1A – 1D) provide fresh academic perspectives on determinants of ChiNext IPO underpricing. Second, papers in Research Stream 2 (Papers 2A – 2C) provide solid academic perspectives on pricing and allocation mechanism for ChiNext IPOs, including regulatory environment, pricing and allocation mechanism, and listing day trading restrictions. In addition, the papers signify that the regulatory environment plays an important role in ChiNext IPO pricing efficiency. In the context of ChiNext, the published papers provide insight to three research questions: 1) whether the initial return contains the issuer’s fair value and the investors’ overreaction, and what drives them; 2) what the factors are for underwriters to determine offer price, and whether ChiNext IPOs are priced efficiently; 3) whether regulation regime and listing day trading rules impact pricing. Papers 1A to 1D address Research Question 1, Papers 2A addresses Research Question 2, and Papers 2B and 2C Research Question 3. Each paper in the sequence builds upon the previous one with incremental yet significant contribution to the corresponding research question, and collectively they address ChiNext IPO pricing efficiency in its unique regulatory framework, with policy implications. Together, they contribute to the body of knowledge on ChiNext IPO pricing efficiency on a level appropriate for a PhD dissertation.
Date of Award3 May 2024
Original languageEnglish
Awarding Institution
  • University of Portsmouth
SupervisorKonstantinos Kallias (Supervisor)

Cite this