CCTV Script 03/07/13
— This is the script of CNBC's news report for China's CCTV on July 3, Wednesday.
Welcome to the CNBC Business Daily.
A decent debut for Japan's Suntory Beverage, with shares rising some 1.5% from its issue price of 3,100 yen. Suntory tops the list as Asia's biggest IPO this year, raising 4 billion dollars.
According to data provider Dealogic, the float is the second biggest globally this year. Amid the recent swings in the markets, we asked our analysts what the listing meant for the investment appetite in Japan.
Have a listen:
[Sound on tape by Ed Rogers, CEO, Rogers Investment Advisors: Institutional investors are a little bit shy on this offering. We continue to think that we are in a 2-4 year uptake in the Japanese equities markets.]
[Sound on tape by Jay Nelson, Senior Editor, Success Stories: Japan Executive Newsletter: Suntory has holdings, it has brands, it has consciousness among the people you know that, I mean Kirin and Sapporo and the others are just beverage companies. Suntory is an iconic company in Japan and there are a lot of reasons for its holdings as well you know it has leisure and it has all kinds of restaurant holdings as well and it's just so pervasive in the Japanese consciousness that that's why you saw Japanese retail investors so excited about the IPO.]
[Sound on tape by Fuyuki Fujiwara, Co-Founder & Fund Manager, Nezu Asia Capital Management: Well, I think the key reason why its doing okay today is of course that the context for the yen for the market is a weaker yen today so that certainly helps but i think you also have an instance where many of overseas institutions are still underweight Japan and you need to get involved in the market and i think the trend in general for the market is pretty positive.]
[Sound on tape by Stephen Peeples, Partner & Head of U.S. Capital Markets Asia, DLA Piper: I think the fact that the deal was oversubscribed and it has come out and it has done well in its few hours of trading so far means that people are optimistic that the retail sector is rebounding, that people are starting to take some of their money out of the savings accounts, do some purchasing in the retail market and if that happens then I think some of the policies that Abe has been implementing might be seen to be successful.]
Li Sixuan, from CNBC's Asia headquarters.