In February, CSFB successfully priced and executed a $502m IPO for Sinotrans, the leading integrated logistics provider in China.
The deal stands out for its difficulty, particularly as it arrived at a valuation for the company without suitable comparables. Also, positioning the company was a challenge in light of competitive threats arising out of World Trade Organisation (WTO) accession (which forces the market open to competition) as well as predicting the size and direction of the Chinese logistics market. Compounding this, with the war in Iraq looming, global equity markets were depressed.