9th January 2016
In December, I reviewed the disappointing volumes last year for primary equity issuance in Southeast Asia, and wondered whether 2016 could be the year when ECM bankers who cover the region become busy again. With the Chinese bourses now in free fall, the authorities there repeatedly depreciating the Yuan in a bid to prop up the economy, and an extension of the ban on equity sales by large investors in Shanghai and Shenzhen, market participants could indeed well turn their attention down South again.
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.
29th July 2015
China-based investment bank China International Capital Corporation (CICC) filed the application for its proposed IPO on the stock exchange of Hong Kong on 22 July. That should put it on track for a hearing by the Listing Committee around the last week of August. But while CICC is the country’s oldest investment bank and has an impeccable pedigree, it has fallen behind new players who have been quicker to adapt to a changing marketplace, and will likely be priced at a conservative valuation.
3rd March 2015
There seems to be no end in sight for the Asian ECM bout of depression. Above all, it’s been a pretty miserable year so far for IPOs, in sharp contrast to new listings activity in other parts of the world.
7th December 2012
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.
23rd November 2012
I was interviewed today by Assistant Producer Ansuya Harjani for an article entitled “Is IPO Fever Returning To the Hong Kong Market?” – just published on CNBC.com.
22nd November 2012
I was interviewed on CNBC’s “The Call” this morning by anchors Bernie Lo and Emily Chan on what’s in store for investors with the IPO in Hong Kong of mainland Chinese insurer PICC Group.
21st November 2012
PICC Group will finally kick off bookbuilding tomorrow, Thursday 22 November, for an IPO that could reach US$3.6 billion, and even top US$4 billion, assuming exercise in full of the over-allotment option. This would make it the largest IPO so far this year in Asia ex-Japan, ahead of the flotation of Felda Global Ventures in Malaysia.