Tag: Dual listings

Haitong Securities tries to steal the limelight

HONG KONG (Dow Jones Investment Banker) – Shanghai-based Haitong Securities Co., Ltd. started bookbuilding Thursday for its Hong Kong IPO and listing, which could raise up to US$1.7 billion in a primary offering, excluding a 15% over-allotment option. The broker will no doubt aim to replicate October’s successful flotation of rival CITIC Securities Co. Ltd., whose stock is currently trading 4.7% above its initial offer price. But with weaker institutional support, Haitong’s IPO could face an uphill struggle in these choppy waters: The company has a smaller platform, lower market share in securities underwriting and a higher cost base than CITIC. read

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A Hong Kong fashion show for Zara?

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

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Trigiant’s IPO call may not connect

HONG KONG (Dow Jones Investment Banker) – Trigiant Group Ltd. has just filed a web proof information pack (WPIP) with the Stock Exchange of Hong Kong, the first step towards its proposed IPO. Little information has filtered about the structure of the deal, but a quick round up of ECM desks indicates that the mandate wasn’t competitive. Despite a limited trading history, the company has posted impressive growth rates and enjoys significant market share in an industry it dominates alongside two major competitors. At the same time, its reliance on a small number of clients and suppliers, and its high gearing, raise questions about the sustainability of its business model, as do some troubling past financial practices.


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Stork raving mad

Neither inflation, a simmering eurozone debt crisis nor the near death of the United States’ AAA rating will keep IPO bankers from their appointed rounds. Hong Kong’s new-listings market in the first half could be generously described as patchy, with most initial public offerings priced in that period trading under water and with 18 deals pulled or otherwise postponed – and markets were in meltdown mode last week. read

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