Year: 2012
25 January 2012
HONG KONG (Dow Jones Investment Banker) – News last week that Mongolia’s Erdenes Tavan Tolgoi, which owns one of the world’s largest coking coal deposits, would drop – for now – Hong Kong as one of the listing locations for its long-awaited IPO came as a surprise to market observers. The reasons probably include a disappointing performance for relevant offerings in Hong Kong, disclosure issues, as well as a comparatively weaker depositary receipt platform. read
Depositary receipts, Dual listings, Hong Kong, Mongolia, Privatization, UK
Depositary receipts, Dual listings, Hong Kong... +3 more
20 January 2012
A guest column I wrote for the China Economic Review.
2011 was a year marred by extreme volatility in markets, an earthquake and tsunami that disrupted global supply chains, renewed inflationary worries in Asia and, above all, the near collapse of the euro zone. read
Business trusts, China, De-listing, Dual listings, Hong Kong, Liquidity, Listing by introduction, Secondary listings, Singapore, Yuan securities
Business trusts, China, De-listing... +7 more
13 January 2012
“IPO: A Global Guide” is currently being translated into a simplified Chinese character edition, which should be available in the mainland market through China Financial & Economic Publishing House (CFEPH) in mid-August 2012. read
China, Events
China, Events
13 January 2012
HONG KONG (Dow Jones Investment Banker) – Underwriters persistently rake in higher IPO fees in the US than in other markets. But with foreign companies increasingly shunning US listings, the American premium may be hard to sustain.
read
China, Europe, Fees, Hong Kong, US
China, Europe, Fees... +2 more
09 January 2012
As I explained last autumn (read “How fat cats get the cream”), investment banks are complex entities, with many divisions and departments often competing among each other (but sometimes working together) to harvest fees from corporates and institutional investors.
read
China, Execution, Hong Kong
China, Execution, Hong Kong
04 January 2012
I was interviewed today by anchor Rico Hizon on BBC World News Television in the Asia Business Report programme, on prospects for IPOs in Asia in 2012.
read
04 January 2012
HONG KONG (Dow Jones Investment Banker) – Forget the theory about pre-deal investor education (PDIE) and the price discovery process. In these volatile markets what really matters is to initiate book building only when a deal has effectively already been covered. Here’s why – and how. read
Anchor investors, China, Cornerstones, Hong Kong, Offer structure
Anchor investors, China, Cornerstones... +2 more
02 January 2012
A Happy New Year to all! Set out below is a piece I wrote in today’s South China Morning Post in Hong Kong, looking at the year that was and at prospects for IPOs in the city.
Last year was difficult for Hong Kong initial public offerings. True, about US$32 billion was raised from 69 flotations as of December 15, according to the Hong Kong Exchange (thereby enabling the city to retain its global crown for IPO fund-raising, ahead of Shenzhen and New York), but last year was also notable for the below-par performance of most new issues – with many down by 20 per cent or more from their offer prices. read
Business trusts, China, Hong Kong, Primary offerings, Secondary listings, Secondary offerings, Yuan securities
Business trusts, China, Hong Kong... +4 more
