HONG KONG (Dow Jones Investment Banker) – The Stock Exchange of Hong Kong’s growing effort to secure international listings speaks volumes about the possible threat posed by the Shanghai international board – when it eventually happens. Recent attempts, however, have been disappointing and HKEx should take stock of Kuala Lumpur’s (KL’s) Bursa Malaysia. Staying local has proved worthwhile. read
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
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
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
On 3 November 2011, I gave a presentation at the Stock Exchange of Hong Kong (HKEx) on opportunities for listing European companies there. The presentation was organized at the initiative of the European Chamber of Commerce in Hong Kong and of the EU Business Information Programme (EUBIP). read
HONG KONG (Dow Jones Investment Banker) – The Stock Exchange of Hong Kong (HKEx) is reportedly trying to woo Spain’s Inditex to list in Asia, as part of an international marketing roadshow in Europe in November. Such a move would make little sense if what is suggested is a secondary listing. But a spin-off in Hong Kong of the group’s fast-growing regional operations could be an attractive move. read
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
With some US$35 billion worth of IPO already cancelled globally this year investment bankers need to replenish their deal pipelines. But how exactly do bankers convince issuers they should be entrusted with their stock market listing, or what will almost certainly be one of the most important market events for the company? read
HONG KONG (Dow Jones Investment Banker) – An analysis of the licenses awarded to investment banks in Hong Kong provides a good overview of the front-office resources available to each of these firms – with a few surprises. It also gives a clue as to how licensees are supervised by senior employees and shows how some firms effectively rely on scarce resources for IPO work as new issue sponsors. read
Revenue generated by investment banks from underwriting Chinese IPOs globally was US$650 million in the first three months of this year, The Wall Street Journal reported. With all due respect to the Journal, that is probably a low-ball estimate, not counting all the ways banks profit from new listings. read
