Amid an 85% year-on-year decline in global IPO volumes, clean energy firm Huadian Fuxin is set to price an initial public offering of up to US$389 million equivalent (including a 15% over-allotment option) on June 20. As a concession to current volatility, the deal was cut from an original US$1 billion. read
Inner Mongolia Yitai Coal (which is quite a bit of a mouthful) has started investor education for its IPO of up to US$1.5 billion equivalent in Hong Kong. If successful, it would become the first B-share entity to list there. read
I was interviewed this morning by anchor Bryan Curtis on Hong Kong’s RTHK 3 radio “Money For Nothing” programme. The topic was IPOs, with a focus on the Facebook flotation on NASDAQ, the aborted Graff Diamonds IPO in Hong Kong – and market conditions generally. read
Bookbuilding closed late last week for the re-launched initial public offering of Haitong Securities, the mainland’s third-largest broker by revenue, bringing welcome activity to a lacklustre Hong Kong new issue market. read
HONG KONG (Dow Jones Banking Intelligence) – Thailand’s Big C Supercenter PCL is planning to raise capital through the issue of new shares in a fairly modest private placement. Following the recent successful IPO of Tesco Lotus Retail Growth Freehold & Leasehold Property Fund, controlled by Tesco plc’s Thai unit, it should instead increase its free float through a larger, fully marketed offering, including a combination of new and old shares. read
HONG KONG (Dow Jones Investment Banker) – A 10-year analysis using data supplied by Dealogic shows the number of IPOs globally has remained relatively constant, as well as the relative proportion of IPOs conducted in the Asia-Pacific (APAC) region and in Hong Kong in particular. However, there has been a clear shift in terms of the bigger deals, a much larger share of which now commonly takes place in the Far East.
XCMG Construction Machinery is due to start investor education today for a proposed US$1.5 billion Hong Kong IPO. If it proceeds it will be the first listing greater than US$1 billion to test Hong Kong public sentiment since the US sovereign ratings downgrade sent global markets into a major wobble. This is a large offer arriving amid conditions generously described as lukewarm.
Hongguo International Holdings, a shoemaker and retailer based in Nanjing, is set to begin investor education for an IPO of US$200 million to US$300 million in Hong Kong. Book building is due to start towards the middle of next month, subject to market conditions.
Book building and the management roadshow started on August 1 for the proposed IPO of China Shipping Nauticgreen. With a price range of HK$1.56 to HK$2.50 per share, and 600 million new shares offered to investors to fund the purchase of containers, the deal was aiming to raise up to HK$1.5 billion. But as the US markets dropped more than 4 per cent overnight last Thursday, and the Hang Seng Index in turn tumbled almost 1,000 points on Friday morning, the deal was postponed until market conditions improve. read
“IPO: A Global Guide” was featured on Bloomberg TV today in an interview I gave to anchor Susan Li in her “First Up” show at 07:40am Hong Kong time.
This is a high-profile segment which, since it takes place early in the morning, is being played out repeatedly throughout the day’s programming. read
