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.
HONG KONG (Dow Jones Investment Banker) – PPR SA’s refocusing is still a work in progress. The lack of growth at its legacy retailing business is affecting overall margins, and penalizing valuation. A flotation of part of the Asia-Pacific activities of its luxury arm, Gucci Group, in Hong Kong would boost its market capitalization, and create a vehicle to fund acquisitions in its fastest-growing region of operations.
HONG KONG (Dow Jones Investment Banker) – Japanese fashion retailer Baroque Japan Ltd. is eyeing an IPO of up to US$300 million in Hong Kong, through CLSA and UBS. It may perhaps be better advised to wait until its international store network becomes wider, and the brand more mature.
Secondary listings are circling the Hong Kong stock exchange. But why? The exercise is of dubious value to issuer or investor. read
“IPO: A Global Guide” featured on 1 June in an article published in the China Economic Review on the subject of the liberalization of China’s financial system, and on the future of Hong Kong as a financial centre.
HONG KONG (Dow Jones Investment Banker) – The large-scale trading simulation this week of offshore yuan-denominated securities in Hong Kong lays the groundwork for a market that could soak up the mountains of Chinese currency that cannot be repatriated easily to the mainland. It also looks very much like a dress rehearsal for Cheung Kong (Holdings) Ltd.’s long-awaited IPO and listing of a US$1 billion equivalent, yuan-denominated REIT in Hong Kong.
On 18 March 2011, I wrote a column which was published in the “Features & Analysis” section of the website of BBC News. The topic was the Stock Exchange of Hong Kong’s simulation exercise for the trading of renminbi-denominated securities and their development.
To read the article, please click HERE.
Hong Kong Exchanges and Clearing Limited’s (HKEx) Cash Market Transaction Survey 2009/2010 (covering HKEx’s securities market turnover from October 2009 to September 2010) found that the contribution to the total trading value of HKEx’s securities market from local and overseas investors continues to be well balanced. read
HONG KONG (Dow Jones Investment Banker) – The Hongkong and Shanghai Hotels Limited (HSH) posts good profitability and has attractive long-term prospects. Yet its limited free float diminishes sell- and buy-side interest and limits trading. The ultimate result is a weak valuation and a constraint on equity capital-raising in the public markets, should the company ever need to do so. Given this, the controlling shareholder, Sir Michael Kadoorie, should consider taking the firm private.
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.
