Belt & Braces for Belt & Road issuers

7th May 2017

Last month, in the wake of the appointment of Hong Kong’s new leader, the city’s securities regulator, the Securities & Futures Commission, issued a statement on the listing of infrastructure project companies, particularly in relation to the Belt and Road initiative.

Churning the sea of milk

7th April 2017

To many, the 85% collapse in the share price of China Huishan Dairy Holdings Co on March 24 came as a complete surprise. With now all of the company’s non-executive directors having tendered their resignations (in the process also effectively wiping out Huishan’s audit committee), the company’s key treasury executive still missing, and the controlling shareholder seemingly heading for the exit amid talk of margin calls, the milk producer’s short stint as a public company increasingly looks like a horror story.

Heaven can wait

9th March 2017

The CEO of HKEX may be keen for Saudi Aramco to list in Hong Kong but as I explain, there are more reasons for the Saudi oil giant to bypass the city’s exchange than to pick it for a listing.

Hong Kong is not fit for unicorns

8th February 2017

The filing of form S-1, the draft registration statement for the proposed $3bn New York IPO of Snap, the $25bn parent company of messaging app Snapchat, was full of surprises — not all of them good for investors. If anything, it also showed that Hong Kong will, most likely, never be able to compete with the US exchanges when it comes to listing unicorns.

The elephants’ graveyard

6th January 2017

Thirty-first of December was not only the last day of a decidedly subdued year, but also the deadline by which Credit Suisse bankers in London were allegedly asked to return the mobile phones issued to them by their employer. This is only the latest nail in the coffin of a profession once seen more as a lifestyle, but which has now become (almost) like any other.

He who pays the piper calls the tune

10th December 2016

Or so the saying goes. Not in China, it seems.

Sometimes it’s hard to be a sponsor

4th November 2016

The recent news that UBS was being investigated by Hong Kong’s SFC in connection with its work as IPO sponsor in the city has taken the local financial community by storm, not least because of the very real possibility that the firm may loose its corporate finance licence – at least for a period of time.

The Juggernaut

6th October 2016

Last week’s news was all about Goldman Sachs and Bank of America materially trimming their investment banking platforms in Asia, as margins for bulge bracket houses in the region have gradually eroded in the face of intense competition by Chinese brokers.

 

 

 

本人建立这个博客的目的是报告国际 IPO 领域的重大事件。

包括主要交易、市场惯例的变化(关于文书编制、估值或营销技巧等)、监管规定及股权资本市场 (ECM) 的人员任命情况等。

虽然本人位于亚太地区,博客的内容也偏向亚太地区,但博客将努力覆盖全球化范围和视角。
请填写上面的联系表,与我们讨论 IPO 案例或股权资本市场的发展。

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