[This article was originally published on Dow Jones Investment Banker on 23 December 2010 and is reproduced with permission]
HONG KONG (Dow Jones Investment Banker) – Hong Kong’s Real Estate Investment Trust market plays second fiddle to Singapore’s but that could change – if it’s managed properly – with a proposed IPO in the first half of 2011 by Cheung Kong Holdings Ltd. read
HONG KONG (Dow Jones Investment Banker) – Cornerstone investments have remained a common component of IPOs in Hong Kong in 2010 and that is helping fuel an argument around just how fair they are.
For investment banks, the involvement of cornerstone investors provides leadership and momentum, sending a strong signal to the market that the deal constitutes a worthwhile investment. The reality is also that, in a volatile trading environment, they make possible the launch of more challenging transactions. read
HKEx has just issued a consultation paper on corporate governance. The principal aim of the amendments is to encourage better accountability of issuers and directors, and also to bring practice in Hong Kong in line with that available in other international markets. read
HONG KONG (Dow Jones Investment Banker) – In 2005, Bank of China Ltd unit Bank of China International did not lead any IPOs in Hong Kong. Five years on and it has become a major player. Philippe Espinasse speaks with Marshall Nicholson, Global Head of Equity Capital Markets and Vice-Chairman of the Investment Banking division.
HONG KONG (Dow Jones Investment Banker) – Frustrated with what they increasingly perceive as a conflict of interest, a number of companies and their stakeholders are now engaging independent advisers to assess the work done by their investment banks.
HKEx has just released a set of interesting statistics for the last 12 months. As expected, these highlight a number of new records in the securities markets achieved in 2010, with total equity funds raised up 22.9% y-o-y to US$101.2 billion. IPO funds raised were up 23.4% compared with the previous record in 2006, and reached US$52.8 billion. read
Following the publication of consultation conclusions on electronic prospectuses on 26 November 2010, which were reported earlier on this blog, HKEx has further amended its listing rules on 15 December. This allows issuers to no longer submit printed copies of various documents to the Exchange. read
HONG KONG (Dow Jones Investment Banker) – Logically, there’s reason to offer around-the-clock trading on securities: Investors can trade from their home turf some of their large holdings. But Vale S.A.’s Hong Kong listing shows the value of such an option is questionable in practice.
Hong Kong Exchanges and Clearing Limited (HKEx) published on 10 December 2010 its consultation conclusions on the acceptance of mainland accounting and auditing standards and mainland audit firms for mainland incorporated companies listed in Hong Kong. read
Following a week of roadshows across Asia’s main financial centres, Brazil’s Vale, the second largest diversified mining company in the world by market capitalization, listed on 8 December 2010 both common depositary receipts and Class A preferred depositary receipts on the Main Board of the Stock Exchange of Hong Kong, by way of introduction.Vale is the largest non-financial Western company to be listed in Hong Kong and was also the first-ever corporate to list Hong Kong Depositary Receipts (HDRs). read
