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Hong Kong makes a tough call on PCCW

HONG KONG (Dow Jones Investment Banker) – PCCW Ltd.’s hope of spinning off its telecommunications business into Hong Kong’s first listed business trust were shattered when the Stock Exchange of Hong Kong’s listing committee rejected the application. The decision, revealed last week by PCCW, reinforces the SGX’s lock on this type of security, and the temptation for Hong Kong to lure this class of listing away from Singapore must have been intense. But PCCW’s plan raised troubling corporate governance issues.

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, , , Business trusts, Corporate governance, Hong Kong... +1 more

Harvesting China’s savings in Shanghai

HONG KONG (Dow Jones Investment Banker) – The long-awaited international board of the Shanghai Stock Exchange (SSE) apparently is inching closer to becoming a reality. But its offerings are likely to be dominated by Chinese companies incorporated offshore, and, if history is any guide, listing there is likely to do little in the long run for truly international businesses.

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, , , China, Hong Kong, Secondary listings... +1 more

Golden horde of bankers seeks Mongolia’s riches

HONG KONG (Dow Jones Investment Banker) – Mongolia’s top 20 index is up more than 50% in local terms this year, but trading volumes remain diminutive. This could all change with the proposed listing of coal mining behemoth Erdenes Tavan Tolgoi (Erdenes TT), whose name means “five heads” in Mongolian. While lead banks have been appointed, their exact roles are said to remain fluid, and a gaggle of global houses is still competing to find its way into the offering, which will raise Mongolia’s profile on the international stage. Indeed, the fortunes of Mongolian IPOs will continue to rely heavily on international institutional investors.

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, , , , Hong Kong, Mongolia, Privatization... +2 more

Hong Kong investors yawn at yuan REIT

HONG KONG (Dow Jones Investment Banker) – The first-ever yuan-denominated IPO in Hong Kong – for Hui Xian REIT – priced Tuesday, after having received a rather subdued reception from the public. Reasons include a rather aggressive yield, the offer structure for the transaction and controlling shareholder Li Ka-shing’s reputation for leaving little on the table when pricing deals, as well as uncertainties about aftermarket trading and macro market developments.

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, , , China, Hong Kong, REITs... +1 more