HONG KONG (Dow Jones Investment Banker) – Public offerings without listing (POWLs) have for a decade been used to channel Japanese retail financial assets – about half of which are held in the form of cash in bank or post office deposits – towards international primary equity offerings. But do POWLs as they stand really add value to new issues? read
As previously reported on this blog, Hutchison Ports Holdings Trust (HPH Trust) kicked-off yesterday the institutional bookbuilding process for its multi billion-dollar business trust IPO in Singapore. The preliminary prospectus posted on the Monetary Authority of Singapore’s OPERA website includes interesting features, which are highlighted below. read
Singapore Exchange (the SGX) is enhancing its suite of American Depositary Receipts (ADRs) by adding new companies from other Asian countries, and partnering with a second depositary bank. read
HONG KONG (Dow Jones Investment Banker) – As the largest announced IPO so far this year, the offering of HPH Trust, the container port assets of Hutchison Whampoa, will significantly boost Singapore Exchange Ltd.’s credentials in the ECM arena as it finalizes its tie-up with the Australian Securities Exchange (ASX Ltd.).
HONG KONG (Dow Jones Investment Banker) – It’s been an eventful week in the otherwise cozy world of stock exchanges. But to what extent will the latest round of M&A benefit ECM bankers who underwrite stock offerings for their clients?
Singapore Exchange (the SGX), which labels itself as Asia’s most international listing venue, recorded a five-fold jump in its IPO market capitalization in 2010 as compared with 2009. The SGX welcomed 39 new IPOs in 2010 (29 IPOs in 2009), on the main board and on second board Catalist, raising a total of S$11 billion. It also expanded its market capitalization by S$51 billion (S$10.4 billion in 2009), bringing the total market capitalization of the Exchange to S$902 billion. read
HONG KONG (Dow Jones Investment Banker) – Singapore Exchange Ltd (SGX), dwarfed by a number of its Asian rivals, is sparing no efforts to compete on a regional stage. But its introduction of remote trading is likely to have only a marginal impact.
[This article was originally published on Dow Jones Investment Banker on 23 December 2010 and is reproduced with permission]
HONG KONG (Dow Jones Investment Banker) – Hong Kong’s Real Estate Investment Trust market plays second fiddle to Singapore’s but that could change – if it’s managed properly – with a proposed IPO in the first half of 2011 by Cheung Kong Holdings Ltd. read
The SGX announced on 9 December 2010 measures to shorten timetables for secondary fund raisings for companies listed on the Main board. These measures will come into force from 1 January 2011 and similar rules will also apply to the Catalist (second) board. read
HONG KONG (Dow Jones Investment Banker) – It only stands to reason. Asia’s insatiable appetite for investments in transportation, utilities, communication and social infrastructure assets should have created a wealth of opportunities for dedicated, listed funds. Few, however, have tried to tap this burgeoning market, and those that have taken the risk have shown poor returns.
