Posts tagged as: Liquidity

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. 

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.

Cornerstone summer party

8th September 2016

Readers of this column will be familiar with my occasional ranting about Hong Kong’s cornerstone investor regime, and in particular the doltish six-month lock-up rule which the Singapore Exchange, for one, never saw fit to introduce, and which even Bursa Malaysia ended up ditching, after having initially restricted it to subscriptions representing 5% or more of a company’s share capital.

Doing away with Hong Kong’s free float rule

5th August 2016

On July 27, the HKEx announced that “it was minded to exercise its power” to cancel the listing of China Oriental Group within a period of six months, due to the company’s insufficient public float. This, however, was only the latest step in a rather long saga, which illustrates to a tee not only that the exchange’s minimum free float rule actually serves little purpose, but also how incredibly slowly the regulators can move to make decisions in the city, thereby hurting both institutional and retail investors.

Game of thrones in the SAR

4th November 2015

Hong Kong IPO issuance has seen healthy volumes so far this year. At US$68.3 billion, according to Dealogic, new listings on HKEx have already reached the level achieved for the entire year in 2014. The outcome of deals, however, remains heavily dependent on cornerstone investors, while oversized syndicates have sadly been back in full force since at least late spring.

Breaking out of the Chinese box

26th August 2015

The last few months have been a bit of a roller coaster for Chinese equities, both on the mainland and in Hong Kong. The sharp volatility in the indices has frightened investors away and put a damper on primary issuance. But the bubble finally bursting is symptomatic that further changes are badly needed. These also need to be more than just skin deep.

Indian GDRs no longer make a splash

29th August 2014

The ice bucket challenge has been all the rage on social media recently, but Indian GDR issuers have been taking a cold shower for quite a while longer.

Crouching tiger vs. Hidden Dragon?

7th August 2014

As Hong Kong’s financial marketplace becomes increasingly reliant on the Chinese mainland for its IPOs, Singapore’s big opportunity perhaps lies with international issuers – and those from Southeast Asia in particular.

 

 

I have set up this blog to report notable events on international IPOs.

These include particularly remarkable transactions, changes in market practice (whether pertaining to documentation, valuation or marketing techniques) and regulations, as well as appointments in the sphere of equity capital markets (ECM).

Although the blog has a bias towards the Asia-Pacific region, since this is where I am based, it is intended to be global in both its scope and outlook.

Please use the contact form above to report an IPO story or an ECM development.

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