Stabilisation profits: sharing is caring

I turn my attention to one of the ECM world’s best-guarded secrets: the profits banks can make from stabilisation.

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The end of cornerstones?

Cornerstone investors used to be the trusted, fail-safe, mechanism that ensured the success of Hong Kong IPOs. Not anymore. read

Crazy rich Asian (primary markets)

For all the talk of a deluge of tech IPOs soon hitting the Asian (and especially Hong Kong) markets, the performance of new listings and investor appetite there both remain decidedly subdued. read

The Merlion roars again

Something quite extraordinary has just been happening in Singapore. For the first time in several years, investors in the city-state have been able to punt on a local, multi-billion-dollar IPO. read

Cornerstone summer party

Readers of this column will be familiar with my occasional ranting about Hong Kong’s cornerstone investor regime, and in particular the doltish six-month lock-up rule which the Singapore Exchange, for one, never saw fit to introduce, and which even Bursa Malaysia ended up ditching, after having initially restricted it to subscriptions representing 5% or more of a company’s share capital. read

North-by-northwest

Around this time last year, I reviewed the dismal performance of the Hong Kong primary markets, and ventured a guess that investors could instead turn en masse to ECM transactions in Malaysia, Singapore, Thailand, Indonesia – and even the Philippines. How wrong I was! read

Hong Kong doesn’t need weighted voting rights

At long last, the operator of Hong Kong’s stock exchange has published conclusions to its concept paper on weighted voting rights (WVRs). Almost as soon as it did, Hong Kong’s other regulator expressed its opposition to the idea. But WVRs were always a worrying development. More urgent reforms are needed for the exchange to compare favourably with New York or London. read

Can the Malaysian tiger roar again?

What has happened to Malaysia’s primary equity markets? Once the darling of ECM departments, featuring highly successful multi-billion dollar offerings by the likes of Petronas Chemicals, Felda Global Ventures or IHH Healthcare, the Southeast Asia nation now languishes at the bottom of the regional league tables. read

The reason for the season: ECM Christmas musings

Forget about reindeer with shiny noses, fir trees and shopping mall carols. For those in the finance industry, the end of the year takes an altogether different meaning. read

Cornering elusive cornerstones

In Asia, cornerstone investors are regarded as a vital ingredient for successful major listings. And Hong Kong – where such investors are subject to lock-up restrictions – has also increasingly seen the advent of anchor investors.  read