Monthly Archives: November 2010

Hong Kong may lower 1,000 shareholder requirement

30th November 2010

In Hong Kong, listing Rule 8.05(3)(f) currently requires an applicant that lists using the market capitalization / revenue test to have at least 1,000 shareholders. This listing requirement is more onerous than both the profit and the market capitalization / revenue / cash flow tests, and effectively prevents applicants with a large market capitalization and revenues from listing if they cannot secure sufficient retail investor interest.

ADR trading in Singapore picks up over US platforms

28th November 2010

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.

Largest Shari’ah-compliant REIT lists in Singapore

28th November 2010

Sabana Shari’ah Compliant Industrial REIT (Sabana) started trading on 26 November 2010 in Singapore after raising S$533.4 million (US$404 million) in an IPO. Sabana is the only Shari’ah-compliant REIT listed in Singapore and also the largest listed Shari’ah-compliant REIT by total assets globally. Shari’ah-compliant investments can be sold to both conventional investors and those that observe the principles of Islamic finance.

General Motors’ IPO becomes the world’s largest-ever

27th November 2010

General Motors Company (GM) announced on 26 November 2010 that the value of both the common and preferred stock sold in its IPO by its selling shareholders, including the US Department of the Treasury, reached US$23.1 billion, following the exercise of the over-allotment options under both offerings.

Hong Kong to introduce electronic prospectuses

27th November 2010

The Securities and Futures Commission (the SFC) and The Stock Exchange of Hong Kong Limited (the SEHK), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), jointly released consultation conclusions on 26 November 2010, clearing the way for public offers to take place without paper listing documents.

How the book came to be / Part 2

24th November 2010

[continued from previous post]

By then, most of the agents I had contacted had declined representing me. Many never replied at all. I had also received a number of declines from publishers – either because the manuscript didn’t fit their list, because they didn’t like my style or approach, or only specialized in college or university textbooks. However, some publishers asked to be sent the entire manuscript for review by external readers – mostly academics and published authors. The reviews were positive and I started receiving more offers.

How the book came to be / Part 1

24th November 2010

It will have taken about a year between when I started writing “IPO: A Global Guide” and when the book will finally be available for sale in bookshops next year. In fact it will probably have taken a while longer since I had started with some on and off research work in the previous year. Writing a book is always something I had at the back of my mind, so it was good to finally have some time to put pen to paper.

 

 

I have set up this blog to report notable events on international IPOs.

These include particularly remarkable transactions, changes in market practice (whether pertaining to documentation, valuation or marketing techniques) and regulations, as well as appointments in the sphere of equity capital markets (ECM).

Although the blog has a bias towards the Asia-Pacific region, since this is where I am based, it is intended to be global in both its scope and outlook.

Please use the contact form above to report an IPO story or an ECM development.

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