China Economic Review article
“IPO: A Global Guide” featured on 1 June in an article published in the China Economic Review on the subject of the liberalization of China’s financial system, and on the future of Hong Kong as a financial centre.
Tag: Hong Kong
Will Resourcehouse’s IPO hit a hard rock?
HONG KONG (Dow Jones Investment Banker) – Having postponed a listing in Hong Kong three times (including in March this year), coal and iron ore behemoth Resourcehouse Limited has just delayed the start of the public offer for its multi-billion dollar IPO to May 30, from an initial date of May 26, with pricing now scheduled for June 3. It might be fourth time lucky for the listing this time around, but perhaps CEO Clive Palmer will need to wait – and try yet again.
Bloomberg TV interview
I appeared on Bloomberg Television today in a live interview with anchor Rishaad Salamat in the “On The Move Asia” show. read
Kazakhmys digs for Hong Kong investors
HONG KONG (Dow Jones Investment Banker) – Kazakhmys PLC, an LSE-listed natural resources group with its main assets in Kazakhstan, has filed to list in Hong Kong by the end of June. This is aimed at raising its profile in the region, which accounts for almost half of its revenue. With no new money to be raised and no shares to be sold, the deal itself will do little for investors but there may be action for bankers, including M&A and financing deals, down the line.
Reuters Television interview
The following interview was aired today at 10:00am Hong Kong time on Reuters Television, as part of a news package on the proposed Shanghai International Board. read
China’s IPO sponsors in the spotlight
HONG KONG (Dow Jones Investment Banker) – Naming and shaming hasn’t worked to prevent fraud by Chinese companies going public. After a string of cases on Mainland exchanges and internationally, where companies also reported sharply lower earnings within weeks of their IPOs, the China Securities Regulatory Commission (CSRC) is putting a new onus on lead underwriters to weed out less scrupulous sponsors and restore confidence in the markets. It’s a welcome move, albeit a little late.
MGM China’s IPO gamble
HONG KONG (Dow Jones Investment Banker) – MGM China Holdings Ltd. is looking to raise US$1 billion to US$1.5 billion in a Hong Kong IPO, set to price May 27. Gains in market share, as well as a buoyant market for gaming stocks, should support the flotation, provided it’s priced sensibly. That said, the deal has seen its fair share of controversy, and MGM China has to battle larger and more established players in the former Portuguese colony.
Coach’s listing in Hong Kong a PR stunt?
US handbags and accessories house Coach Inc. is the latest in a long list of fashion and consumer groups to seek a listing in Hong Kong. As structured, however, the proposed transaction is likely to do little beyond generating press coverage for the brand, but perhaps that’s what it’s aimed at? read
Milan Station IPO not yet in the bag
HONG KONG (Dow Jones Investment Banker) – Luxury second-hand handbag retailer Milan Station Holdings Ltd. is eyeing an IPO of up to US$35 million, for about 25% of the company in Hong Kong, according to a filing with the Stock Exchange of Hong Kong May 3. The transaction raises questions about the company’s supply arrangements, and the sustainability of its business model.
Hong Kong’s second handover
HONG KONG (Dow Jones Investment Banker) – It would be a landmark: Chinese brokerage CITIC Securities Co. Ltd. has reportedly appointed Bank of China Ltd’s Bank of China International (BOCI), China Construction Bank (CCB) International and Industrial and Commercial Bank of China (ICBC) to lead its forthcoming share offering and listing in Hong Kong, said to be around US$2.5 billion.