Tag: China
12 December 2011
HONG KONG (Dow Jones Investment Banker) – Shanghai-based Haitong Securities Co., Ltd. started bookbuilding Thursday for its Hong Kong IPO and listing, which could raise up to US$1.7 billion in a primary offering, excluding a 15% over-allotment option. The broker will no doubt aim to replicate October’s successful flotation of rival CITIC Securities Co. Ltd., whose stock is currently trading 4.7% above its initial offer price. But with weaker institutional support, Haitong’s IPO could face an uphill struggle in these choppy waters: The company has a smaller platform, lower market share in securities underwriting and a higher cost base than CITIC. read
China, Cornerstones, Dual listings, Hong Kong, Primary offerings, Yuan securities
China, Cornerstones, Dual listings... +3 more
05 December 2011
China Outfitters is an excellent example of how an attractive company can come back from a failed deal. The offering was covered at the time of writing and the issuer closed the books for its IPO on December 2 on decent demand. read
China, Cornerstones, Hong Kong, Re-launch
China, Cornerstones, Hong Kong... +1 more
28 November 2011
HONG KONG (Dow Jones Investment Banker) – Luxury handbags and small leather goods outsourced manufacturer Sitoy Group Holdings Ltd. started bookbuilding Monday for a US$125 million, all-primary IPO in Hong Kong through sole bookrunner Bank of AmericaMerrill Lynch, with pricing set for November 29. The company looks attractive, and pricing appears reasonable. Shame about the timing. read
China, Hong Kong, Primary offerings
China, Hong Kong, Primary offerings
21 November 2011
Do Hong Kong’s long-suffering investors in initial public offerings finally have something to look forward to? The jumbo listing of Dr Cheng Yu-tung’s jewellery retail empire has been widely flagged and heavily anticipated. read
China, Hong Kong, Primary offerings, Secondary offerings, Valuation
China, Hong Kong, Primary offerings... +2 more
16 November 2011
HONG KONG (Dow Jones Investment Banker) – With market volatility comes caution, and IPO syndicates are no exception. Internationally and in Asia, these are increasingly becoming crowded at the senior end for sizeable transactions in particular. Junior underwriters, whose contribution remains marginal, are being squeezed out. read
China, Fees, Hong Kong, Syndicate, UK
China, Fees, Hong Kong... +2 more
14 November 2011
What a disappointing vintage 2011 will have been for IPOs. The first half of the year started well enough, but it all came to a halt, with a succession of macro events messing up the markets. read
China, Hong Kong, IPO pipeline, Russia, Spain, UK, Yuan securities
China, Hong Kong, IPO pipeline... +4 more
25 October 2011
HONG KONG (Dow Jones Investment Banker) – In sharp contrast to most other IPOs in Hong Kong this year, and as smaller competitor Beijing Jingkelong Co Ltd has just had its application for a listing in Shanghai rejected by China’s Securities Regulatory Commission (CSRC), mainland hypermarket operator Sun Art Retail Group Limited has posted a 26% gain since its US$1.1 billion IPO last July. Nine blue-chip cornerstone investors came in at the time of the offering for a combined US$420 million. Some of these may now perhaps consider exiting, and locking in capital gains after the expiry of their lock-ups early next year. We look at the stock’s valuation and liquidity, and at which firms might best be positioned to print a trade. read
Block trades, China, Cornerstones, Hong Kong, Malaysia, Singapore, Trading volume, Valuation
Block trades, China, Cornerstones... +5 more
29 September 2011
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
China, Hong Kong, NASDAQ, NYSE, Price performance, Singapore, UK, US, Yuan securities
China, Hong Kong, NASDAQ... +6 more
28 September 2011
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
China, Dual listings, Hong Kong, Primary offerings, Yuan securities
China, Dual listings, Hong Kong... +2 more
26 September 2011
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.
read
China, France, Hong Kong, Spin-offs, Valuation
China, France, Hong Kong... +2 more
