Flying high in the year of the pig
HKEX just released its strategic plan for the next three years, painting itself as the “global markets leader in the Asian time zone”. read
Tag: Dual listings
The end of the affair
Last week, Hong Kong’s plans to play host to IPOs of international behemoths such as Saudi Aramco took a serious hit, amid news that both Glencore and Tapestry, the owner of luxury fashion brand Coach, would delist from the local exchange. read
Heaven can wait
The CEO of HKEX may be keen for Saudi Aramco to list in Hong Kong but as I explain, there are more reasons for the Saudi oil giant to bypass the city’s exchange than to pick it for a listing. read
From the Kingdom to the Middle Kingdom
As the US$100bn-plus IPO of Saudi Aramco nears its launch, the UK’s Telegraph has most recently hinted at a three-way foreign listing, conducted across London, New York and Hong Kong. I look at the practicalities and advantages (as well as disadvantages) for the oil behemoth of listing in Asia. read
Will PICC’s IPO take off like a rocket?
People’s Insurance Company (Group) of China, otherwise known as PICC, is set to hit the market in Hong Kong this month in what could potentially make it the largest IPO in Asia (excluding Japan) this year. read
Not what the doctor prescribed – but close enough
Last week, I wrote about the delay in the launch of Shanghai Fosun Pharmaceutical’s long awaited equity offering in Hong Kong. As was expected at the time, bookbuilding finally started on October 16 for what is an accelerated timetable (on account of the upcoming bank holiday) that will now see pricing on October 24, and listing and start of trading on October 30. read
HKEx does some Seoul searching
A hardly noticed piece of news was released by the Hong Kong exchange on August 30: companies incorporated in South Korea will now be allowed to list in Hong Kong. Korea will accordingly join a list of 19 other jurisdictions now recognised by the exchange – on top of the mainland, Bermuda, the Cayman Islands and, of course, Hong Kong itself. read
Asia ECM shows binary outcomes
HONG KONG (Dow Jones Banking Intelligence) – Despite a significant pipeline of deals, at this stage in the year ECM transactions in Asia remain very much characterized by binary outcomes. Large, eye- catching offerings generate significant amounts of investor demand, while less obvious – and perhaps more challenging – transactions (when they close) have posted poor returns for investors. read
Mongolia’s Erdenes TT snubs Hong Kong for IPO
HONG KONG (Dow Jones Investment Banker) – News last week that Mongolia’s Erdenes Tavan Tolgoi, which owns one of the world’s largest coking coal deposits, would drop – for now – Hong Kong as one of the listing locations for its long-awaited IPO came as a surprise to market observers. The reasons probably include a disappointing performance for relevant offerings in Hong Kong, disclosure issues, as well as a comparatively weaker depositary receipt platform. read
Making the deals fly
A guest column I wrote for the China Economic Review.
2011 was a year marred by extreme volatility in markets, an earthquake and tsunami that disrupted global supply chains, renewed inflationary worries in Asia and, above all, the near collapse of the euro zone. read