The East is Red

6th September 2017

Over the summer, the Stock Exchange of Hong Kong (HKEX) released a fascinating, but little noticed, survey detailing cash trading on its two listing platforms, the Main Board and GEM. The survey also included southbound trading undertaken through the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect schemes, launched in 2014 and December 2016, respectively. 

A walk through the IPO sponsor minefield

4th August 2017

Over the last three years, the Hong Kong Stock Exchange (HKEX) returned six applications for potential IPOs on the main board to their sponsors, effectively in each case freezing the listing process for at least eight weeks. The latest occurrence was in early June this year.

The Merlion roars again

21st July 2017

Something quite extraordinary has just been happening in Singapore. For the first time in several years, investors in the city-state have been able to punt on a local, multi-billion-dollar IPO.

Year of the dragon

8th June 2017

Just as the country’s prime minister, Nguyen Xuan Phuc, met with Donald Trump on a US tour, Vietnam’s equity capital markets were repeatedly in the news over the last few weeks, with a flurry of IPOs and new listings, heralding that issuers there may finally be coming of age.

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.

 

 

 

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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