There seems to be no end in sight for the Asian ECM bout of depression. Above all, it’s been a pretty miserable year so far for IPOs, in sharp contrast to new listings activity in other parts of the world. read
On 5 February, Sunway REIT (SREIT MK) priced a US$103 million equivalent primary placement, representing 8% of the REIT. read
HONG KONG (Dow Jones Banking Intelligence) – Order taking began last week for the IPO of Far East Hospitality Trust (“Far East HT”) in Singapore. Pricing is currently scheduled for August 16, with listing on August 27. The offering is large and visible and was already substantially covered at the time of launch by cornerstone investors. This could provide a well-needed boost to Singapore’s primary market, which has so far this year seen a number of deals pulled, cancelled or otherwise postponed. read
HONG KONG (Dow Jones Investment Banker) – Pavilion REIT, a real estate investment trust which will invest in one of Kuala Lumpur’s major shopping malls, is reportedly about to launch an IPO and thus become the latest addition to Malaysia’s REIT (M-REIT) success story. read
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.
“IPO: A Global Guide” was featured on Bloomberg TV today in an interview I gave to anchor Susan Li in her “First Up” show at 07:40am Hong Kong time.
This is a high-profile segment which, since it takes place early in the morning, is being played out repeatedly throughout the day’s programming. read
HONG KONG (Dow Jones Investment Banker) – Richard Li appears again to be following in his father’s footsteps. Hong Kong’s richest man, Li Ka-shing, just spun off the container port assets of Hutchison Whampoa Ltd. as a business trust on Singapore’s SGX in the world’s largest IPO so far this year. Now PCCW Ltd., in which the younger Li holds a 27.1% stake, is considering a similar listing in Hong Kong for its telecommunications arm, which accounts for about 90% of PCCW’s business.
HONG KONG (Dow Jones Investment Banker) – Last weekend’s simulated trading exercise for yuan securities in Hong Kong, coordinated by the stock exchange, was always a clear signal that the long- awaited launch of the first real estate investment trust to be traded in China’s currency would soon follow. True to form, investor education may be about to kick off for the deal. What has emerged so far shows a few innovations in the offer structure, as well as potentially aggressive pricing.
HONG KONG (Dow Jones Investment Banker) – The large-scale trading simulation this week of offshore yuan-denominated securities in Hong Kong lays the groundwork for a market that could soak up the mountains of Chinese currency that cannot be repatriated easily to the mainland. It also looks very much like a dress rehearsal for Cheung Kong (Holdings) Ltd.’s long-awaited IPO and listing of a US$1 billion equivalent, yuan-denominated REIT in Hong Kong.