Size matters – but not too much
Surprise, surprise. Riyadh appears to have lost its bet to successfully bring to market a US$100 billion-plus IPO for Saudi Aramco. read
Tag: China
Flying high in the year of the pig
HKEX just released its strategic plan for the next three years, painting itself as the “global markets leader in the Asian time zone”. read
The Hong Kong paradox
What once looked like a healthy and steady pipeline of IPOs across Europe and the US has evaporated in a flash. read
Hong Kong ECM: apply Sod’s law
Clawback columnist Philippe Espinasse says the latest proposals by Hong Kong’s Law Society could spell bad news for international securities lawyers in the city. read
License? What license?
A friend of mine, now retired from investment banking and working in private equity, was recently interviewing with one of China’s behemoth institutions in Hong Kong, with a view to potentially returning to his old beat, that is equity capital markets. read
The end of cornerstones?
Cornerstone investors used to be the trusted, fail-safe, mechanism that ensured the success of Hong Kong IPOs. Not anymore. read
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
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
A walk through the IPO sponsor minefield
Over the last three years, the Hong Kong Stock Exchange (HKEX) returned six applications for potential IPOs on the main board to their sponsors, effectively in each case freezing the listing process for at least eight weeks. The latest occurrence was in early June this year. read