A guest column I wrote for the China Economic Review.

2011 was a year marred by extreme volatility in markets, an earthquake and tsunami that disrupted global supply chains, renewed inflationary worries in Asia and, above all, the near collapse of the euro zone.

“IPO: A Global Guide” is currently being translated into a simplified Chinese character edition, which should be available in the mainland market through China Financial & Economic Publishing House (CFEPH) in mid-August 2012.

As I explained last autumn (read “How fat cats get the cream”), investment banks are complex entities, with many divisions and departments often competing among each other (but sometimes working together) to harvest fees from corporates and institutional investors.

I was interviewed today by anchor Rico Hizon on BBC World News Television in the Asia Business Report programme, on prospects for IPOs in Asia in 2012.

A Happy New Year to all! Set out below is a piece I wrote in today’s South China Morning Post in Hong Kong, looking at the year that was and at prospects for IPOs in the city.

Last year was difficult for Hong Kong initial public offerings. True, about US$32 billion was raised from 69 flotations as of December 15, according to the Hong Kong Exchange (thereby enabling the city to retain its global crown for IPO fund-raising, ahead of Shenzhen and New York), but last year was also notable for the below-par performance of most new issues – with many down by 20 per cent or more from their offer prices.