What it takes to be an Asian ECM powerhouse
Last week, news that Deutsche Bank would fold its global equities business and terminate almost 20,000 of its employees came as a shock for market observers. read
Tag: Primary offerings
The end (of rights issues) is near
The reason why HKEX now proposes to introduce changes to the way some primary equity offerings are conducted is, it says, “to address recent concerns about certain share issuance transactions that might not afford a fair treatment of shareholders, or an orderly market for securities trading”.
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
Huishan Dairy lists in Hong Kong
I was interviewed by BBC News again, this time about the IPO of China Huishan Dairy Holdings, which at US$1.3 billion (pre Greenshoe) currently stands as the second largest IPO in Hong Kong in 2013, after that of Sinopec Engineering. The deal was also the largest consumer sector IPO in Asia since the flotation of Chow Tai Fook Jewellery (also in Hong Kong) in December 2011. read
More puff, less huff for flotations in 2013
Like an endangered species clinging on to the last remnants of its natural habitat, the Hong Kong initial public offering was scantly seen in 2012. The euro-zone sovereign debt crisis rumbled through the markets for most of the year, putting paid to many issuers’ plans.
CMEC launches its Hong Kong IPO
China Machinery Engineering Corporation is in the market to raise up to US$500 million equivalent through an accelerated offering, targeted at Regulation S (and Hong Kong retail) investors only – probably one of the last IPOs in Hong Kong this year. read
Espinasse on PICC
I was interviewed on CNBC’s “The Call” this morning by anchors Bernie Lo and Emily Chan on what’s in store for investors with the IPO in Hong Kong of mainland Chinese insurer PICC Group. read
PICC launches US$3.6 billion Hong Kong IPO
PICC Group will finally kick off bookbuilding tomorrow, Thursday 22 November, for an IPO that could reach US$3.6 billion, and even top US$4 billion, assuming exercise in full of the over-allotment option. This would make it the largest IPO so far this year in Asia ex-Japan, ahead of the flotation of Felda Global Ventures in Malaysia. read
Espinasse on CNBC’s “The Call”
I was interviewed this morning by anchors Bernie Lo and Emily Chan on CNBC’s programme “The Call” on the IPO trading debut for Shanghai Fosun Pharmaceutical in Hong Kong. read
The Graff Diamonds IPO’s seven sins
Graff Diamonds, a high-end jeweller, was supposed to have turned around Hong Kong’s moribund IPO market. It was not to be. Instead the company pulled its US$1 billion-equivalent listing on 30 May, piling more disappointment on an already massively downbeat market plagued by serial deal cancellations. What went wrong?