Monthly Archives: January 2011

Time to privatize, Sir Michael?

28th January 2011

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.

Happy hour: Wine advice for the wealthy

26th January 2011

Ipo-book.com takes a short break from equity capital markets reporting to focus today on advisory services for serious wine investors (many of whom actually work in the financial markets area).

Hong Kong has now become the premier hub for fine wine, thanks to the abolition of duty and record prices paid at local auctions, and this is now starting to fuel a whole new market for related advisory services.

HKEx to admit issuers from more jurisdictions

24th January 2011

HKEx released on 11 January 2011 details for the second year of its 2010-2012 strategic plan. This includes, among other things, plans to allow issuers from more countries to list in Hong Kong. India and South Africa are specifically mentioned.

Details of ADR contributions now published

21st January 2011

For years, depositary banks such as The Bank of New York Mellon, Citi, JP Morgan, Deutsche Bank or HSBC have tried to keep secret details of the subsidies they pay to issuers to entice them to sign up for sponsored ADR programmes. Disclosure rules introduced by the SEC in 2009 have now revealed details of such payments for the first time.

Malaysia, truly (doing better in) Asia

18th January 2011

HONG KONG (Dow Jones Investment Banker) -Bursa Malaysia’s new rules are hardly game changing, but should be seen against the background of other positive developments in Malaysia’s capital markets.

Hutchison Whampoa should float Watsons Asia

14th January 2011

HONG KONG (Dow Jones Investment Banker)–Hutchison Whampoa Ltd.’s retail division, one part of a sprawling conglomerate, is itself a mix of heterogeneous businesses. The best way to maximize its value would be to recognize that diversity with a partial float of its most attractive sub-segment, the Watsons health, beauty and pharmacy chain in Hong Kong and in the rest of Asia.

SGX bets on innovation to catch up

12th January 2011

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.

In Asia real estate, a tale of two cities

10th January 2011

[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.

 

 

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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