Monthly Archives: April 2012

Attractive sector but valuation is anything but obvious

30th April 2012

Shanghai Fosun Pharmaceutical has secured a green light from both the China Securities Regulatory Commission and the authorities in Hong Kong for its long-awaited initial public offering on HKEx, which means that launch could start soon.

Hong Kong regulator to toughen IPO oversight

30th April 2012

HONG KONG (Dow Jones Banking Intelligence) – Hong Kong’s securities watchdog, the Securities and Futures Commission (SFC), is understood to be about to issue a new consultation paper, in which it will propose tougher due diligence requirements – as well as harsher sanctions for IPO sponsors that fail to follow them. This is likely to face opposition on the part of the securities industry, although since banker-bashing remains in fashion, the new rules should ultimately see the light of day.

Bloomberg and CNBC interviews

27th April 2012

I was interviewed by Bernie Lo and Emily Chan at CNBC and Rishaad Salamat at Bloomberg TV today on Haitong Securities’ IPO debut in Hong Kong. After an initial jump of 0.75%, the shares soon started to trade below the offer price.

HK IPOs splutter back to life, not out of the woods yet

23rd April 2012

Bookbuilding closed late last week for the re-launched initial public offering of Haitong Securities, the mainland’s third-largest broker by revenue, bringing welcome activity to a lacklustre Hong Kong new issue market.

Hey occupiers! Get a job! Get a BlackBerry!

16th April 2012

Banker bashing is in fashion. After all, the excesses and collapses of Bear Stearns, Lehman Brothers and RBS crystallised the sub-prime crisis in the United States and Britain. And blaming well-paid, banking executives for the woes of a long-suffering majority with “real jobs” is a message that resonates well with voters, especially in an election year.

Strengthening Big C’s institutional book?

10th April 2012

HONG KONG (Dow Jones Banking Intelligence) – Thailand’s Big C Supercenter PCL is planning to raise capital through the issue of new shares in a fairly modest private placement. Following the recent successful IPO of Tesco Lotus Retail Growth Freehold & Leasehold Property Fund, controlled by Tesco plc’s Thai unit, it should instead increase its free float through a larger, fully marketed offering, including a combination of new and old shares.

Want IPO excitement? Go to Southeast Asia

9th April 2012

The Hong Kong market for initial public offerings is as dull and dank as swamp water. Some deals have even been pulled, which means the line of listing applicants just gets longer.

Financial Times article

3rd April 2012

I was quoted in an article in the Financial Times by Paul J. Davies, Robert Cookson and Sarah Mishkin entitled “Investors hang fire over Asia’s IPO pipeline”, on 2 April 2012.

 

 

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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