Please click on this link or on the right-hand side “Introduction” tab under “THE BOOK” above to read the introduction to “IPO: A Global Guide.”
Links to on-line merchants’ websites to pre-order the book will also be posted on IPO-book.com shortly.
HONG KONG (Dow Jones Investment Banker) – As the Stock Exchange of Hong Kong continues to attract a wide array of Chinese issuers as well as, increasingly, international companies looking to tap Asian investors, proposed changes to boardroom rules are very welcome and long overdue.
In a post on his website, Webb-site on 15 February, Hong Kong-based governance activist David Webb has joined the debate on the lack of liquidity arising from multiple listings, a topic that was the subject of an article I published on both Dow Jones Investment Banker and on the website of The Wall Street Journal late last year. My article was also posted on IPO-book.com on 18 December. read
As one of the largest IPOs in Indonesia for several years, Indonesia’s privatization of its national airline Garuda was closely watched by market participants. The poor start of trading, however, with the shares opening 6.7% down and closing 17% below the offer price on the first day (and, at one point, falling by as much as 23%), may negatively affect the IPOs of other privatization candidates in South East Asia’s most populous nation. read
An interesting article published on a US blog details the advantages (and disadvantages) of opening a yuan-denominated bank account abroad. We have previously discussed on this blog the increase in offshore renminbi funds and deposits. The author recalls his conversation with the staff at the Manhattan main branch of Bank of China, which makes fascinating reading. read
HONG KONG (Dow Jones Investment Banker) – Prada SpA announced plans last week for an IPO and listing in Hong Kong, which, given the Italian luxury company’s growing market recognition and the region’s rising consumer appetite for luxury goods, should be well received. However, Prada should avoid the lure of a simultaneous dual listing in Milan.
A big thank you to all of you.
In just over two months, the website has had more than 4,700 page views, from 30 countries and territories and 92 cities. Over 60% of you are returning, regular visitors too – and the numbers are growing every day.
I wish you the very best for the year of the rabbit!
The blog will be updated and back on-line again on 7 February.
Singapore Exchange (the SGX), which labels itself as Asia’s most international listing venue, recorded a five-fold jump in its IPO market capitalization in 2010 as compared with 2009. The SGX welcomed 39 new IPOs in 2010 (29 IPOs in 2009), on the main board and on second board Catalist, raising a total of S$11 billion. It also expanded its market capitalization by S$51 billion (S$10.4 billion in 2009), bringing the total market capitalization of the Exchange to S$902 billion. read
HONG KONG (Dow Jones Investment Banker) – The Hongkong and Shanghai Hotels Limited (HSH) posts good profitability and has attractive long-term prospects. Yet its limited free float diminishes sell- and buy-side interest and limits trading. The ultimate result is a weak valuation and a constraint on equity capital-raising in the public markets, should the company ever need to do so. Given this, the controlling shareholder, Sir Michael Kadoorie, should consider taking the firm private.
Ipo-book.com takes a short break from equity capital markets reporting to focus today on advisory services for serious wine investors (many of whom actually work in the financial markets area).
Hong Kong has now become the premier hub for fine wine, thanks to the abolition of duty and record prices paid at local auctions, and this is now starting to fuel a whole new market for related advisory services. read
