What a disappointing vintage 2011 will have been for IPOs. The first half of the year started well enough, but it all came to a halt, with a succession of macro events messing up the markets. read
Tag: Yuan securities
Caixin magazine published last week an interesting survey, based on data compiled by Thomson Reuters, on IPOs by Chinese companies world-wide between January 2009 and June 2010, a 545-day period. read
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.
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.
HONG KONG (Dow Jones Investment Banker) – It’s gone largely unnoticed against the background of some eye-catching equity deals in Asia in the first half of the year – including the listings of Glencore, Hutchison Port Holdings Trust, Samsonite and Prada S.p.A. – and the recent market meltdown, but 2011 has so far been a pretty good year for convertible bonds.
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
HONG KONG (Dow Jones Investment Banker) – As the amount of yuan held in deposit accounts in Hong Kong (so-called CNH) continues to pile up, China’s offshore financial product offering slowly expands, despite current restrictions on convertibility.
HONG KONG (Dow Jones Investment Banker) – The Stock Exchange of Hong Kong (HKEx) released Wednesday a proposed framework for IPOs denominated in yuan there. The model, which effectively mirrors arrangements for the issue and trading of GDRs and ADRs, looks sound in theory.
HONG KONG (Dow Jones Investment Banker) – Despite all the hype and the almost weekly announcements of planned billion-dollar deals, retail investors in Hong Kong have largely shunned IPOs since the start of the year.
HONG KONG (Dow Jones Investment Banker) – The Royal Bank of Scotland’s and Citi’s announcements this week that they had joined the rather exclusive list of foreign banks trying to crack the booming market for underwriting in China merely points up the limited inroads made so far by most of the would-be entrants. If anything, the advantage tends to run increasingly in favor of domestic Chinese underwriters.