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Tag: Yuan securities

Breaking out of the Chinese box

The last few months have been a bit of a roller coaster for Chinese equities, both on the mainland and in Hong Kong. The sharp volatility in the indices has frightened investors away and put a damper on primary issuance. But the bubble finally bursting is symptomatic that further changes are badly needed. These also need to be more than just skin deep. read

, , , , , , China, Corporate governance, Hong Kong... +4 more

More puff, less huff for flotations in 2013

Like an endangered species clinging on to the last remnants of its natural habitat, the Hong Kong initial public offering was scantly seen in 2012. The euro-zone sovereign debt crisis rumbled through the markets for most of the year, putting paid to many issuers’ plans.

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, , , , , , , , , Asia, China, Hong Kong... +7 more

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

, , , , , , Business trusts, China, Hong Kong... +4 more

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

, , , , , China, Cornerstones, Dual listings... +3 more