HKEx presentation
I will be giving a presentation on listing opportunities for European companies at the Stock Exchange of Hong Kong on 3 November. read
Year: 2011
Hong Kong Institute of CPAs presentation
For readers in Hong Kong, and in particular for those in need of CPT hours for regulatory and licensing purposes, do join me for a presentation on IPOs – and a book signing session – at the Institute of Certified Public Accountants (HKICPA) on 17 November. read
Asia still the ECM darling despite smaller deals
HONG KONG (Dow Jones Investment Banker) – A 10-year analysis using data supplied by Dealogic shows the number of IPOs globally has remained relatively constant, as well as the relative proportion of IPOs conducted in the Asia-Pacific (APAC) region and in Hong Kong in particular. However, there has been a clear shift in terms of the bigger deals, a much larger share of which now commonly takes place in the Far East.
Betting on the Hong Kong Jockey Club’s Mark Six
HONG KONG (Dow Jones Investment Banker) – The Hong Kong Jockey Club provides sporting entertainment to the public through horse racing, football betting and the Mark Six lottery. It’s also one of the city’s largest taxpayers and a major non-government benefactor, donating more than US$125 million a year to charitable and community projects. With betting revenue fleeing to Macau’s casinos, and no other obvious sources of income on the horizon, a flotation of the lottery – a marginal business for the Club – through a business trust could provide significant additional resources to its operations, and non-profit activities, without materially altering its unusual corporate structure.
An outline for PPR’s Asian PR pitch
HONG KONG (Dow Jones Investment Banker) – PPR SA’s refocusing is still a work in progress. The lack of growth at its legacy retailing business is affecting overall margins, and penalizing valuation. A flotation of part of the Asia-Pacific activities of its luxury arm, Gucci Group, in Hong Kong would boost its market capitalization, and create a vehicle to fund acquisitions in its fastest-growing region of operations.
Fourth time’s a charm?
It’s been quite a journey for the long-suffering shareholders of PCCW since the merger with Cable & Wireless HKT in 2000. Macquarie Bank’s and TPG Newbridge’s offers for its telecommunications business in 2006 were vetoed. Other attempts to sell the assets came to nothing in 2008, while a privatisation proposal by chairman Richard Li Tzar-kai in 2009 was ruled out by the Court of Appeal. And in April, the exchange rejected PCCW’s application to list a business trust – a type of transaction untried in Hong Kong.
Chinese IPO survey
Caixin magazine published last week an interesting survey, based on data compiled by Thomson Reuters, on IPOs by Chinese companies world-wide between January 2009 and June 2010, a 545-day period. read
Bloomberg TV interview
I was interviewed this morning on CITIC Securities’ planned share sale in Hong Kong. I also discussed English soccer club Manchester United’s plans to sell stock in Singapore, and the market for initial public offerings in Asia.
I spoke in Hong Kong with anchor Rishaad Salamat on Bloomberg Television’s “On the Move Asia”. read
Stock repurchases not the best way to use capital
The past few weeks have seen widespread announcements of share buy-backs, as companies, often with net cash balances, take advantage of a depressed market to pick up cheap stock.
Memo to Bernard Arnault
HONG KONG (Dow Jones Investment Banker) – As the fortunes of the world’s top luxury goods companies increasingly hinge on growth in Asia, and with Prada SpA showing that Western companies can successfully tap the Hong Kong stock market, ECM bankers there have been actively pitching corporates from Europe and beyond to float in Asia.