Tag: Secondary listings

The year in IPOs foretold

A Happy New Year to all! Set out below is a piece I wrote in today’s South China Morning Post in Hong Kong, looking at the year that was and at prospects for IPOs in the city.

Last year was difficult for Hong Kong initial public offerings. True, about US$32 billion was raised from 69 flotations as of December 15, according to the Hong Kong Exchange (thereby enabling the city to retain its global crown for IPO fund-raising, ahead of Shenzhen and New York), but last year was also notable for the below-par performance of most new issues – with many down by 20 per cent or more from their offer prices. 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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A hot time in the Citic

Citic Securities formally started book building for its US$2 billion Hong Kong float on Friday.  This is a marquee deal likely to generate a lot of interest. Investors have made a pile of money participating in IPOs of mainland financial institutions, and there is hope Citic can repeat that magic despite the challenging market conditions.


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CITIC Securities impresses on its Hong Kong journey

HONG KONG (Dow Jones Investment Banker) – The long-awaited equity offering by China’s CITIC Securities Company Limited is finally under way. The brokerage is looking to raise up to US$2 billion from investors, and secure a secondary listing in Hong Kong. Bookbuilding is set to start on September 16, for an October 6 closing. Although CITIC Securities has been listed on the Mainland since 2003, its preliminary filing with HKEx provides a fascinating glimpse into China’s domestic investment banking industry and the activities of one of the leading houses there.


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