HONG KONG (Dow Jones Investment Banker) – Little information has been disclosed about the long-awaited, proposed IPO in Asia of Samsonite. But the composition of the bookrunning syndicate and the earlier appointment of independent advisers offer insights into the structure of the offer, including the likelihood that the listing will be in Hong Kong.
Hong Kong Exchanges and Clearing Limited’s (HKEx) Cash Market Transaction Survey 2009/2010 (covering HKEx’s securities market turnover from October 2009 to September 2010) found that the contribution to the total trading value of HKEx’s securities market from local and overseas investors continues to be well balanced. read
HONG KONG (Dow Jones Investment Banker) – It’s been an eventful week in the otherwise cozy world of stock exchanges. But to what extent will the latest round of M&A benefit ECM bankers who underwrite stock offerings for their clients?
HONG KONG (Dow Jones Investment Banker) – As the Stock Exchange of Hong Kong continues to attract a wide array of Chinese issuers as well as, increasingly, international companies looking to tap Asian investors, proposed changes to boardroom rules are very welcome and long overdue.
In a post on his website, Webb-site on 15 February, Hong Kong-based governance activist David Webb has joined the debate on the lack of liquidity arising from multiple listings, a topic that was the subject of an article I published on both Dow Jones Investment Banker and on the website of The Wall Street Journal late last year. My article was also posted on IPO-book.com on 18 December. read
HONG KONG (Dow Jones Investment Banker) – Prada SpA announced plans last week for an IPO and listing in Hong Kong, which, given the Italian luxury company’s growing market recognition and the region’s rising consumer appetite for luxury goods, should be well received. However, Prada should avoid the lure of a simultaneous dual listing in Milan.
HONG KONG (Dow Jones Investment Banker) – The Hongkong and Shanghai Hotels Limited (HSH) posts good profitability and has attractive long-term prospects. Yet its limited free float diminishes sell- and buy-side interest and limits trading. The ultimate result is a weak valuation and a constraint on equity capital-raising in the public markets, should the company ever need to do so. Given this, the controlling shareholder, Sir Michael Kadoorie, should consider taking the firm private.
Ipo-book.com takes a short break from equity capital markets reporting to focus today on advisory services for serious wine investors (many of whom actually work in the financial markets area).
Hong Kong has now become the premier hub for fine wine, thanks to the abolition of duty and record prices paid at local auctions, and this is now starting to fuel a whole new market for related advisory services. read
HKEx released on 11 January 2011 details for the second year of its 2010-2012 strategic plan. This includes, among other things, plans to allow issuers from more countries to list in Hong Kong. India and South Africa are specifically mentioned. read
HONG KONG (Dow Jones Investment Banker)–Hutchison Whampoa Ltd.’s retail division, one part of a sprawling conglomerate, is itself a mix of heterogeneous businesses. The best way to maximize its value would be to recognize that diversity with a partial float of its most attractive sub-segment, the Watsons health, beauty and pharmacy chain in Hong Kong and in the rest of Asia.
