As the introduction of weighted voting rights (WVR) and pre-revenue companies’ listings get nearer in Hong Kong, I see an opportune time for a quick take on the types of companies that the exchange — which is probably the most volatile of the world’s major primary markets — readily allows.
The reason why HKEX now proposes to introduce changes to the way some primary equity offerings are conducted is, it says, “to address recent concerns about certain share issuance transactions that might not afford a fair treatment of shareholders, or an orderly market for securities trading”.
HONG KONG (Dow Jones Banking Intelligence) – Citigroup Inc.’s sale of its remaining stake in Housing Development Finance Corp (HDFC) comes as no surprise amid rising markets combined with a pressing need to find extra capital. Other Western firms have already been there in China over the last couple of years. Meanwhile Asian houses are seizing the opportunity to grow, on the back of their Western peers’ renewed asset dumps. read