10th December 2016
Or so the saying goes. Not in China, it seems.
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.
20th March 2014
I now write “Clawback” for GlobalCapital (formerly known as EuroWeek), a new column dissecting topics in Asia’s equity capital markets.
17th October 2011
Revenue generated by investment banks from underwriting Chinese IPOs globally was US$650 million in the first three months of this year, The Wall Street Journal reported. With all due respect to the Journal, that is probably a low-ball estimate, not counting all the ways banks profit from new listings.
10th May 2011
The total number of shares subscribed for by cornerstone investors in Glencore’s IPO, which is targeting proceeds of about US$10 billion (excluding a 10% over-allotment option), is expected to represent approximately 31% of the global offer, assuming the overallotment option is not exercised. The US$3.1 billion tranche therefore represents one of the largest cornerstone books by value ever achieved for an IPO. But there are consequences to the practice, which could come back and haunt the issuer as well as other investors in the company.