A guest column I wrote for the China Economic Review.
2011 was a year marred by extreme volatility in markets, an earthquake and tsunami that disrupted global supply chains, renewed inflationary worries in Asia and, above all, the near collapse of the euro zone.
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HONG KONG (Dow Jones Investment Banker) – Singapore Exchange Ltd. (SGX) may have made headlines this year with the listing of one of Asia’s largest IPOs, Hutchison Port Holdings Trust, and, potentially, with the proposed flotation of Manchester United F.C., but Chinese mid-caps are increasingly leaving the shores of the Lion City to seek a quotation in Hong Kong. The reasons include, above all, greater liquidity, a wider following on the part of sell-side research analysts and, ultimately, a higher valuation.
HONG KONG (Dow Jones Investment Banker) – Logically, there’s reason to offer around-the-clock trading on securities: Investors can trade from their home turf some of their large holdings. But Vale S.A.’s Hong Kong listing shows the value of such an option is questionable in practice.
According to its website, the number of foreign companies listed on the Tokyo Stock Exchange (the TSE) has fallen to its lowest level since 1985. The highest number of foreign listed corporates was 127 in April 1991, although this has now dropped to 12 (ten of which only on the First Section of the TSE), with the recent de-listings in 2010 by Aegon N.V. from the Netherlands, UBS from Switzerland, and Deutsche Telekom AG from Germany.
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