Crazy rich Asian (primary markets)

For all the talk of a deluge of tech IPOs soon hitting the Asian (and especially Hong Kong) markets, the performance of new listings and investor appetite there both remain decidedly subdued. read

Suit yourself no more

As the loss-making Chinese maker of smartphones Xiaomi announced what could be a $10bn flotation under the new listing regime in Hong Kong (also making it the largest one in the city for the last four years), the exchange recently published updated guidance on the suitability for listing of IPO applicants. read

The joke is on you

As the introduction of weighted voting rights (WVR) and pre-revenue companies’ listings get nearer in Hong Kong, I see an opportune time for a quick take on the types of companies that the exchange — which is probably the most volatile of the world’s major primary markets — readily allows.

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Biotech rules unlikely to float cornerstones’ boat

As reported earlier on the GlobalCapital website, the Hong Kong exchange published proposals to enhance its listing framework. These fall into three distinct categories — the establishment of new biotech and weighted voting rights (WVR) chapters, as well as enhancements to the secondary listing rules. read

The price is (not always) right

At the end of last week, the stock exchange of Hong Kong published two new IPO guidance letters, on pricing flexibility and placing tranche reallocation. read

SGX ready to give no quarter

Earlier this month, the Singapore Exchange (SGX) announced that it was seeking feedback from market participants on whether to retain quarterly reporting, which the bourse first introduced in 2003. read

Christmas safari

Here comes December again. For armies of investment bankers (well, at least those unlucky enough not to be on a guaranteed package, for whom the guessing game has long been over), this is the long-awaited, immutable sign that bonus season is just around the corner.  read

The end of the affair

Last week, Hong Kong’s plans to play host to IPOs of international behemoths such as Saudi Aramco took a serious hit, amid news that both Glencore and Tapestry, the owner of luxury fashion brand Coach, would delist from the local exchange. read

The end (of rights issues) is near

The reason why HKEX now proposes to introduce changes to the way some primary equity offerings are conducted is, it says, “to address recent concerns about certain share issuance transactions that might not afford a fair treatment of shareholders, or an orderly market for securities trading”.

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The East is Red

Over the summer, the Stock Exchange of Hong Kong (HKEX) released a fascinating, but little noticed, survey detailing cash trading on its two listing platforms, the Main Board and GEM. The survey also included southbound trading undertaken through the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect schemes, launched in 2014 and December 2016, respectively.  read