Hong Kong Exchanges and Clearing Limited (HKEx) released earlier this week the findings from its Cash Market Transaction Survey for 2011/12, revealing the diversity among investors in its securities market. read
I participated, alongside 14 other professionals, in a study for an in-depth report from PwC and Baker & McKenzie (coordinated by consultancy Meridian West) on cross-border IPO trends. read
Second-hand luxury handbag retailer Milan Station made headlines last week as it warned of an expected loss for this year, which it said was to be blamed on continued slow demand for luxury goods. read
Around this time last year I wrote a preview of the IPOs expected to arrive on the Hong Kong market. It’s telling that most of those same deals are still in the pipeline, twisting in some interminable pre-launch marketing limbo. read
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. read
Graff Diamonds – which styles itself as maker and retailer of the “most fabulous jewels in the world” – has just filed its application to listing with the Stock Exchange of Hong Kong. This means that the offer process for its long-awaited IPO should normally start in about 10 to 12 weeks – which should put it on track for a late spring – early summer listing. read
HONG KONG (Dow Jones Banking Intelligence) – Korean brokerage Samsung Securities Co. has now effectively largely shut down its international operations in Hong Kong – at the behest of its parent – following a major expansion just two years ago. At the same time, Japan’s Daiwa Securities Group Inc. and Mizuho Financial Group Inc. announced deep cuts in their overseas operations, totalling 200 and 300 redundancies respectively. We look at the reasons why – and at what’s in store for Asia’s smaller capital markets players. read
A proposed US$500 to US$700 million initial public offering by Sunshine Oilsands is bearing down on Hong Kong investors, which would make it the largest IPO globally so far in 2012. The roadshow is set to start today (February 6) and pricing is slated for February 14. The company is based in Calgary, Canada. Just what is it doing tapping Hong Kong investors for funds?
HONG KONG (Dow Jones Investment Banker) – The Stock Exchange of Hong Kong (HKEx) is reportedly trying to woo Spain’s Inditex to list in Asia, as part of an international marketing roadshow in Europe in November. Such a move would make little sense if what is suggested is a secondary listing. But a spin-off in Hong Kong of the group’s fast-growing regional operations could be an attractive move. read
HONG KONG (Dow Jones Investment Banker) – In sharp contrast to most other IPOs in Hong Kong this year, and as smaller competitor Beijing Jingkelong Co Ltd has just had its application for a listing in Shanghai rejected by China’s Securities Regulatory Commission (CSRC), mainland hypermarket operator Sun Art Retail Group Limited has posted a 26% gain since its US$1.1 billion IPO last July. Nine blue-chip cornerstone investors came in at the time of the offering for a combined US$420 million. Some of these may now perhaps consider exiting, and locking in capital gains after the expiry of their lock-ups early next year. We look at the stock’s valuation and liquidity, and at which firms might best be positioned to print a trade. read
