Monthly Archives: December 2011

Financial Times article

29th December 2011

I was quoted in the Financial Times again today in an article by Robert Cookson in Hong Kong and Gregory Meyer in New York, entitled “China Eclipses US As Top IPO Venue”.

Hong Kong IPO year-end statistics

22nd December 2011

Hong Kong Exchanges and Clearing Limited (HKEx) published on 20 December a set of market statistics for 2011 (up to 15 December) on its website.

Haitong Securities tries to steal the limelight

12th December 2011

HONG KONG (Dow Jones Investment Banker) – Shanghai-based Haitong Securities Co., Ltd. started bookbuilding Thursday for its Hong Kong IPO and listing, which could raise up to US$1.7 billion in a primary offering, excluding a 15% over-allotment option. The broker will no doubt aim to replicate October’s successful flotation of rival CITIC Securities Co. Ltd., whose stock is currently trading 4.7% above its initial offer price. But with weaker institutional support, Haitong’s IPO could face an uphill struggle in these choppy waters: The company has a smaller platform, lower market share in securities underwriting and a higher cost base than CITIC.

RTHK interview

5th December 2011

I was interviewed this morning by Mike Weeks on RTHK’s Radio 3 show “Hong Kong Today” on the Hong Kong IPO market.

China Outfitters gets a makeover

5th December 2011

China Outfitters is an excellent example of how an attractive company can come back from a failed deal. The offering was covered at the time of writing and the issuer closed the books for its IPO on December 2 on decent demand.

Sitoy – heading for the trick bag?

28th November 2011

HONG KONG (Dow Jones Investment Banker) – Luxury handbags and small leather goods outsourced manufacturer Sitoy Group Holdings Ltd. started bookbuilding Monday for a US$125 million, all-primary IPO in Hong Kong through sole bookrunner Bank of AmericaMerrill Lynch, with pricing set for November 29. The company looks attractive, and pricing appears reasonable. Shame about the timing.

In ECM, local is beautiful

22nd November 2011

HONG KONG (Dow Jones Investment Banker) – The Stock Exchange of Hong Kong’s growing effort to secure international listings speaks volumes about the possible threat posed by the Shanghai international board – when it eventually happens. Recent attempts, however, have been disappointing and HKEx should take stock of Kuala Lumpur’s (KL’s) Bursa Malaysia. Staying local has proved worthwhile.

Mainland jewellery favourite set to sparkle in the gloom

21st November 2011

Do Hong Kong’s long-suffering investors in initial public offerings finally have something to look forward to? The jumbo listing of Dr Cheng Yu-tung’s jewellery retail empire has been widely flagged and heavily anticipated.

 

 

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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