Monthly Archives: May 2016

From the Kingdom to the Middle Kingdom

12th May 2016

As the US$100bn-plus IPO of Saudi Aramco nears its launch, the UK’s Telegraph has most recently hinted at a three-way foreign listing, conducted across London, New York and Hong Kong. I look at the practicalities and advantages (as well as disadvantages) for the oil behemoth of listing in Asia.

Pay for play in the PRC

13th April 2016

Having left investment banking a while ago, I’m baffled by the increasingly arcane and complex rules that now plague the business — the Chinese Mainland being a particular case in point.

Take that to the bank

24th March 2016

Another week, another financial sector IPO in Hong Kong. So far this year, three such listings have come to market in the city, for a total of more than $2.6bn equivalent. Most notably, these have included IPOs by Bank of Tianjin ($948m) and China Zheshang Bank ($1.7bn), both of which priced their offerings near the bottom end of the indicative price range last week. 

I don’t know what you did last quarter

24th February 2016

With result season now in full swing after the Lunar New Year holidays, now is perhaps an opportune time to reflect on the fact that Hong Kong remains one of the few major markets around the world (and in Asia in particular) not to require companies listed on its Main Board to publish quarterly accounts. With talk of a third board to attract smaller companies with lower listing requirements, and recurring issues with disclosure (or lack thereof) by smaller listed businesses, a change in the rules is probably long overdue.

From Russia, with fees

27th January 2016

On January 18, a delegation led by Arkady Dvorkovich, the Deputy Prime Minister of the Russian Federation, visited the Stock Exchange of Hong Kong. It was not the first time a high profile dignitary from Russia had toured its facilities.

The year of living dangerously

9th January 2016

In December, I reviewed the disappointing volumes last year for primary equity issuance in Southeast Asia, and wondered whether 2016 could be the year when ECM bankers who cover the region become busy again. With the Chinese bourses now in free fall, the authorities there repeatedly depreciating the Yuan in a bid to prop up the economy, and an extension of the ban on equity sales by large investors in Shanghai and Shenzhen, market participants could indeed well turn their attention down South again.

 

 

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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