I was interviewed by Reuters and Bloomberg again to comment on the IPOs of China Galaxy Securities (US$1.1 billion) and Sinopec Engineering (expected to raise US$1.8 billion), which are indicative of a pick-up in IPO activity in Hong Kong.
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I was back in Hong Kong’s RTHK 3 radio studio this morning, interviewed by anchor Reenita Malhotra Hora in the “Money for Nothing” programme, to talk about Chinese IPOs, both in the mainland and in the Special Adminstrative Region.
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On 17 January 2013, I moderated a 90 minutes panel discussion on the Hong Kong listing mechanism at HKEx’s 2nd whole-day conference on “Raising capital in Hong Kong”.
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Like an endangered species clinging on to the last remnants of its natural habitat, the Hong Kong initial public offering was scantly seen in 2012. The euro-zone sovereign debt crisis rumbled through the markets for most of the year, putting paid to many issuers’ plans.
China Machinery Engineering Corporation is in the market to raise up to US$500 million equivalent through an accelerated offering, targeted at Regulation S (and Hong Kong retail) investors only – probably one of the last IPOs in Hong Kong this year.
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Amid particularly tense Sino-Japanese relations, the US$3.1 billion IPO of mainland insurer PICC Group is all the more remarkable in that it included a rare tranche, solely targeted at Japanese investors.
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I was, again, solicited by the financial media this morning, to comment on the IPO trading debut of PICC Group’s US$3.09 billion IPO.
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Pre-IPO research has once again been in the spotlight in two recent Hong Kong transactions. In both, the issuers were said to have been leaning on brokers to produce valuations that met their expectations.
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