Since a sponsor is required for every transaction, and no sponsor can work on more than two IPOs at the same time, the local firms have much greater deal capacity.

每一宗交易都需要一名保荐人，且一名保荐人不可同时进行两宗以上的IPO交易，所以本地券商促成交易的能力显然更强。

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Mr. Greiner: It's clearly difficult, there are fewer transactions, very little equity capital markets activity and essentially no IPOs bar the CLP TRUenergy IPO, which has enlisted Rothschild as financial adviser.

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It has no credibility and no international appeal for IPOs.

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There have been no marketing "roadshows" for IPOs in recent weeks, so the earliest a deal could be priced would likely be in the second half of June.

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