China Economic Review article
“IPO: A Global Guide” featured on 1 June in an article published in the China Economic Review on the subject of the liberalization of China’s financial system, and on the future of Hong Kong as a financial centre.
Tag: Yuan securities
Reuters Television interview
The following interview was aired today at 10:00am Hong Kong time on Reuters Television, as part of a news package on the proposed Shanghai International Board. read
China’s IPO sponsors in the spotlight
HONG KONG (Dow Jones Investment Banker) – Naming and shaming hasn’t worked to prevent fraud by Chinese companies going public. After a string of cases on Mainland exchanges and internationally, where companies also reported sharply lower earnings within weeks of their IPOs, the China Securities Regulatory Commission (CSRC) is putting a new onus on lead underwriters to weed out less scrupulous sponsors and restore confidence in the markets. It’s a welcome move, albeit a little late.
RTHK 3 radio interview
I was interviewed on 9 May 2011 on Hong Kong’s RTHK 3 radio in the “Hong Kong Today” early morning show by business news presenter Nick Beacroft, on the subject of the proposed international board of the Shanghai Stock Stock Exchange. read
Harvesting China’s savings in Shanghai
HONG KONG (Dow Jones Investment Banker) – The long-awaited international board of the Shanghai Stock Exchange (SSE) apparently is inching closer to becoming a reality. But its offerings are likely to be dominated by Chinese companies incorporated offshore, and, if history is any guide, listing there is likely to do little in the long run for truly international businesses.
Hong Kong investors yawn at yuan REIT
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.
Hong Kong brokers on catwalk for jeweler IPO
HONG KONG (Dow Jones Investment Banker) – With the lure of diamonds and soaring multiples in the jewelry sector, the jockeying is now on to become a bookrunner for the IPO of Chow Tai Fook Jewellery Co. Ltd. The offering, in Hong Kong, is expected to raise some US$3 billion.
A primer on Hui Xian REIT
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.
Trading the offshore yuan gravy train
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.
Hong Kong is full of Chinese money!
On 18 March 2011, I wrote a column which was published in the “Features & Analysis” section of the website of BBC News. The topic was the Stock Exchange of Hong Kong’s simulation exercise for the trading of renminbi-denominated securities and their development.
To read the article, please click HERE.