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.
22nd July 2016
Just a few weeks apart, announcements were recently made by the Stock Exchange of Hong Kong (HKEX) and Singapore’s SGX respectively about changes to front line regulatory functions they perform. The approaches under these proposals couldn’t have been more different.
2nd December 2015
Around this time last year, I reviewed the dismal performance of the Hong Kong primary markets, and ventured a guess that investors could instead turn en masse to ECM transactions in Malaysia, Singapore, Thailand, Indonesia – and even the Philippines. How wrong I was!
29th June 2015
At long last, the operator of Hong Kong’s stock exchange has published conclusions to its concept paper on weighted voting rights (WVRs). Almost as soon as it did, Hong Kong’s other regulator expressed its opposition to the idea. But WVRs were always a worrying development. More urgent reforms are needed for the exchange to compare favourably with New York or London.
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.
3rd December 2014
Forget about reindeer with shiny noses, fir trees and shopping mall carols. For those in the finance industry, the end of the year takes an altogether different meaning.
30th September 2014
In Asia, cornerstone investors are regarded as a vital ingredient for successful major listings. And Hong Kong – where such investors are subject to lock-up restrictions – has also increasingly seen the advent of anchor investors.