The Hong Kong paradox
What once looked like a healthy and steady pipeline of IPOs across Europe and the US has evaporated in a flash. read
Tag: Market conditions
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 East is Red
Over the summer, the Stock Exchange of Hong Kong (HKEX) released a fascinating, but little noticed, survey detailing cash trading on its two listing platforms, the Main Board and GEM. The survey also included southbound trading undertaken through the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect schemes, launched in 2014 and December 2016, respectively. read
Take that to the bank
Another week, another financial sector IPO in Hong Kong. So far this year, three such listings have come to market in the city, for a total of more than $2.6bn equivalent. Most notably, these have included IPOs by Bank of Tianjin ($948m) and China Zheshang Bank ($1.7bn), both of which priced their offerings near the bottom end of the indicative price range last week. 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
Breaking out of the Chinese box
The last few months have been a bit of a roller coaster for Chinese equities, both on the mainland and in Hong Kong. The sharp volatility in the indices has frightened investors away and put a damper on primary issuance. But the bubble finally bursting is symptomatic that further changes are badly needed. These also need to be more than just skin deep. read
CICC’s IPO: Swan song or new beginning?
China-based investment bank China International Capital Corporation (CICC) filed the application for its proposed IPO on the stock exchange of Hong Kong on 22 July. That should put it on track for a hearing by the Listing Committee around the last week of August. But while CICC is the country’s oldest investment bank and has an impeccable pedigree, it has fallen behind new players who have been quicker to adapt to a changing marketplace, and will likely be priced at a conservative valuation. read
All quiet on the Eastern front
There seems to be no end in sight for the Asian ECM bout of depression. Above all, it’s been a pretty miserable year so far for IPOs, in sharp contrast to new listings activity in other parts of the world. read
CGN Power IPO trading debut
I was back in CNBC’s HK studio this morning to comment on the nuclear energy provider’s listing on HKEx. read