Last week saw a little noticed event in the cosy world of investment banking, with Russian (and emerging markets) firm Renaissance Capital calling it quits, and closing its offices in both Hong Kong and Beijing after only two years on the ground in Asia.
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What a disappointing vintage 2011 will have been for IPOs. The first half of the year started well enough, but it all came to a halt, with a succession of macro events messing up the markets.
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HONG KONG (Dow Jones Investment Banker) – Russian President Dmitry Medvedev and his entourage were all smiles when they visited the Stock Exchange of Hong Kong’s trading hall Sunday. But listing Russian companies in Hong Kong still faces technical and regulatory hurdles, as well as in many cases an uphill struggle to convince investors in Asia that Russian stocks have a place in their portfolios.
