HONG KONG (Dow Jones Investment Banker) – Russian President Dmitry Medvedev and his entourage were all smiles when they visited the Stock Exchange of Hong Kong’s trading hall Sunday. But listing Russian companies in Hong Kong still faces technical and regulatory hurdles, as well as in many cases an uphill struggle to convince investors in Asia that Russian stocks have a place in their portfolios.
Glencore International plc filed today an announcement detailing the terms of its proposed US$9 billion to US$11 billion flotation on the LSE and the Stock Exchange of Hong Kong. The filing reveals a transaction mainly comprised of new shares to be issued, as well as the prominent role played in the deal by Morgan Stanley and Citi.
HONG KONG (Dow Jones Investment Banker) – As chatter increases, Glencore International AG remains tight-lipped about its IPO plans. Some of what has filtered over the last few days, however, offers a clue as to what its US$10 billion to US$15 billion offering and dual listing might look like, and suggests it could come next month, just before the Easter break.
In a post on his website, Webb-site on 15 February, Hong Kong-based governance activist David Webb has joined the debate on the lack of liquidity arising from multiple listings, a topic that was the subject of an article I published on both Dow Jones Investment Banker and on the website of The Wall Street Journal late last year. My article was also posted on IPO-book.com on 18 December. read
HONG KONG (Dow Jones Investment Banker) – Prada SpA announced plans last week for an IPO and listing in Hong Kong, which, given the Italian luxury company’s growing market recognition and the region’s rising consumer appetite for luxury goods, should be well received. However, Prada should avoid the lure of a simultaneous dual listing in Milan.
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.
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
According to its website, the number of foreign companies listed on the Tokyo Stock Exchange (the TSE) has fallen to its lowest level since 1985. The highest number of foreign listed corporates was 127 in April 1991, although this has now dropped to 12 (ten of which only on the First Section of the TSE), with the recent de-listings in 2010 by Aegon N.V. from the Netherlands, UBS from Switzerland, and Deutsche Telekom AG from Germany. read
As previously announced in September 2010, the Singapore Exchange (SGX) introduced on 22 October 2010 trading of American Depositary Receipts (ADRs) issued by Asian companies in the Asian time zone. read
