China Shipping Nauticgreen’s Chinese box surprise

HONG KONG (Dow Jones Investment Banker) – China Shipping Nauticgreen Holdings Company Limited (CSN) has just started bookbuilding for a proposed IPO of up to US$192 million in Hong Kong, led by Deutsche Bank and China Merchants Securities. Pricing is set for August 10. Less volatile than that of shipping lines, the business is expected to grow, thanks in part to a substantial newbuild ship overcapacity over the next couple of years which should drive freight prices down. With a likely single digit P/E, valuation is reasonable too – a welcome change from some recent Hong Kong offerings.

read

In defense of pre-deal research

HONG KONG (Dow Jones Investment Banker) – Much criticized at the time of the dot-com boom, the independence of research analysts is again in question as some say they could be compromised through interviews by independent advisers prior to IPO mandates being handed out. But as analysts’ views can on occasion differ from the sometimes rosy picture that ECM and origination bankers paint in their pitches, understanding the research take on a sector – or even on the market generally – can only help restore confidence in new issues.

read

Tibet 5100’s IPO holds water

HONG KONG (Dow Jones Investment Banker) – Tibet 5100 Water Resources Holdings Ltd is attempting to raise up to US$206 million in an IPO in Hong Kong. Although formally incorporated in the Cayman Islands as a red chip, if successful, it would be the first company from Tibet to list on the exchange there. The deal is small, but the growth rates posted by the company are impressive, as is its handle on costs, even if it remains very dependent at this stage on its cooperation with a rail transport operator.

read

China Outfitters’ IPO fits the bill

HONG KONG (Dow Jones Investment Banker) – The IPO of China Outfitters Holdings Ltd. that is currently in the market in Hong Kong is a welcome change from the over-priced, billion-dollar deals that have recently made headlines, and is exactly the sort of offering bankers and investors alike should be looking at.

read

Bloomberg interview

I was interviewed live on 16 June on Bloomberg Television by London-based anchor Linzie Janis, on the trading debut for Samsonite, following its IPO in Hong Kong. I was separately interviewed for an article on the same subject, written by Bloomberg reporter Fox Hu, which also touched on prospects for the pricing of Prada’s IPO, also in Hong Kong. read

South China Morning Post interview

I was interviewed by Deputy Editor Jasper Moiseiwitsch in the South China Morning Post‘s “Money Post” supplement on 13 June. The article was introduced as “Confessions of an IPO banker” on the cover of the supplement, and the title was “In deal search, simplicity counts”.

Click below to see the interview, which is reproduced with permission.

read

Prada’s IPO could be a one-way bet on Asia

The Prada growth story is intuitively understood by Hong Kong shoppers. Anyone who has seen the queues at their stylish boutiques has a sense of the profitability and potential of this fashion and luxury goods vendor. read