RTHK 3 radio interview
I was interviewed this morning again on RTHK 3’s early morning radio programme “Hong Kong Today” by Andrew Wood on the subject of IPOs. read
Tag: Hong Kong
Asia ECM shows binary outcomes
HONG KONG (Dow Jones Banking Intelligence) – Despite a significant pipeline of deals, at this stage in the year ECM transactions in Asia remain very much characterized by binary outcomes. Large, eye- catching offerings generate significant amounts of investor demand, while less obvious – and perhaps more challenging – transactions (when they close) have posted poor returns for investors. read
FT.com interview
I am being interviewed by Robert Cookson on the Hong Kong IPO market today on FT.com, the website of the Financial Times. read
Take luxury, add China
Graff Diamonds – which styles itself as maker and retailer of the “most fabulous jewels in the world” – has just filed its application to listing with the Stock Exchange of Hong Kong. This means that the offer process for its long-awaited IPO should normally start in about 10 to 12 weeks – which should put it on track for a late spring – early summer listing. read
Sunshine Oilsands’ IPO breaks new ground
HONG KONG (Dow Jones Banking Intelligence) – Selling shares in renowned branded product companies to Asian investors is one thing. But the IPO of Canadian energy firm Sunshine Oilsands Ltd on the Stock Exchange of Hong Kong will break new ground. Sunshine Oilsand’s assets are primarily in North America – 465,000 hectares of oil sands leases in the Athabasca region, in northern Alberta, Canada – with reserves and resources (as of July 1, 2011) totaling 45.4 billion barrels of best estimates petroleum initially in place. read
Reuters article
Equity capital markets reporter Elzio Barreto published yesterday on Reuters an article on the increasing use by ECM bankers in Hong Kong (and elsewhere in Asia) of shadow books and anchor investors, to successfully bring IPOs to market in this improving – but nevertheless still challenging – environment.
Xiwang Special Steel – not quite so special?
Despite its name, Xiwang Special Steel doesn’t really look like too special a deal. The initial public offering, launched to professional investors last Monday, is reportedly being sold in part to friends of the issuer, with fund managers said to be showing polite but muted interest. read
Samsung Securities – Hong Kong swan song
HONG KONG (Dow Jones Banking Intelligence) – Korean brokerage Samsung Securities Co. has now effectively largely shut down its international operations in Hong Kong – at the behest of its parent – following a major expansion just two years ago. At the same time, Japan’s Daiwa Securities Group Inc. and Mizuho Financial Group Inc. announced deep cuts in their overseas operations, totalling 200 and 300 redundancies respectively. We look at the reasons why – and at what’s in store for Asia’s smaller capital markets players. read
Sunshine Oilsands battles Hong Kong’s quicksands
A proposed US$500 to US$700 million initial public offering by Sunshine Oilsands is bearing down on Hong Kong investors, which would make it the largest IPO globally so far in 2012. The roadshow is set to start today (February 6) and pricing is slated for February 14. The company is based in Calgary, Canada. Just what is it doing tapping Hong Kong investors for funds?
Mongolia’s Erdenes TT snubs Hong Kong for IPO
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