Hong Kong IPO year-end statistics
Hong Kong Exchanges and Clearing Limited (HKEx) published on 20 December a set of market statistics for 2011 (up to 15 December) on its website. read
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
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
Bloomberg TV interview
I was interviewed this morning on CITIC Securities’ planned share sale in Hong Kong. I also discussed English soccer club Manchester United’s plans to sell stock in Singapore, and the market for initial public offerings in Asia.
I spoke in Hong Kong with anchor Rishaad Salamat on Bloomberg Television’s “On the Move Asia”. read
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.
New China Life – fresh impetus for insurance stocks
HONG KONG (Dow Jones Investment Banker) – New China Life Insurance Co. Ltd (NCI) is set to come to market in both Hong Kong and Shanghai in October, with an IPO of US$3 billion to US$4 billion. If successful, it would become only the fifth listed insurance company from mainland China.
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