Michael Flaherty and Elzio Barreto published on Reuters today an account of what apparently really went on behind the scenes at a meeting of the underwriters for the US$1.3 billion IPO of Huishan Dairy, Hong Kong’s second largest flotation so far this year.

The alleged memorable shouting match between two of the joint global coordinators offers a glimpse of what can happen in lean times for IPOs and when firms jostle for status and economics. The way Chinese IPOs are conducted in Hong Kong these days, with little coordination when approaching cornerstones and with titles (and therefore the fee split) up for grabs until a late stage in the process, obviously doesn’t help much.

I contributed a few quotes to the article, a link to which can be found HERE.