• Hong Kong is not fit for unicorns

    The filing of form S-1, the draft registration statement for the proposed $3bn New York IPO of Snap, the $25bn parent company of messaging app Snapchat, was full of surprises — not all of them good for investors. If anything, it also showed that Hong Kong will, most likely, never be able to compete with the US exchanges when it comes to listing unicorns, writes our columnist Clawback.

    • 06 Feb 2017
  • The elephants’ graveyard

    Thirty-first of December was not only the last day of a decidedly subdued year, but also the deadline by which Credit Suisse bankers in London were allegedly asked to return the mobile phones issued to them by their employer. This is only the latest nail in the coffin of a profession once seen more as a lifestyle, but which has now become (almost) like any other, writes our columnist Clawback.

    • 04 Jan 2017
  • He who pays the piper calls the tune

    Or so the saying goes. Not in China, it seems. Breaking the news that a bulge bracket firm in Hong Kong is suing a Chinese SOE client for non-payment of fees, our columnist Clawback says doing business in China is now little more than a league table exercise.

    • 08 Dec 2016
  • Sometimes it’s hard to be a sponsor

    Hong Kong’s IPO sponsors are in the spotlight for all the wrong reasons as Standard Chartered and UBS face investigations by the city’s regulator. As a former IPO banker and joint author of the study manual for sponsors, our columnist Clawback is perfectly placed to delve into the pitfalls for banks.

    • 02 Nov 2016
  • The juggernaut

    The speed at which Chinese financial firms have made a significant dent in the investment banking profits of bulge bracket banks has even surprised Clawback.

    • 04 Oct 2016
  • Cornerstone summer party

    Clawback turns his focus to cornerstones. Once a useful tool for creating demand, the process has morphed into a kind of insurance policy for IPOs, writes Philippe Espinasse.

    • 06 Sep 2016
  • Doing away with Hong Kong’s free float rule

    This month, a recent announcement by the Hong Kong Stock Exchange (HKEX) in relation to one of its listing rules caught the attention of columnist Philippe Espinasse, who has put the regulation under the microscope.

    • 03 Aug 2016
  • Small steps on a long journey

    Just a few weeks apart, announcements were recently made by the Stock Exchange of Hong Kong (HKEX) and Singapore’s SGX respectively about changes to front line regulatory functions they perform. The approaches under these proposals couldn’t have been more different, writes Philippe Espinasse.

    • 20 Jul 2016
  • DKYC – Don’t Know Your Customer

    Part science, part art, part mystery: our columnist takes a closer look at the process of allocating deals to investors.

    • 13 Jun 2016
  • From the Kingdom to the Middle Kingdom

    As the $100bn-plus IPO of Saudi Aramco nears its launch, the UK’s Telegraph has most recently hinted at a three-way foreign listing, conducted across London, New York and Hong Kong. Columnist Philippe Espinasse looks at the practicalities and advantages (as well as disadvantages) for the oil behemoth of listing in Asia.

    • 10 May 2016

Clawback archive


Former ECM banker Philippe Espinasse dissects Asia's equity capital markets




Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 18.01
2 Everbright Securities 16.95
3 Agricultural Bank of China (ABC) 10.59
4 HSBC 6.99
5 Industrial and Commercial Bank of China (ICBC) 6.36

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 Feb 2017
1 China International Capital Corp Ltd 3,764.17 7 11.54%
2 CITIC Securities 2,885.95 10 8.84%
3 Haitong Securities Ltd 2,766.73 16 8.48%
4 Goldman Sachs 2,591.61 5 7.94%
5 China Securities Co Ltd 2,120.55 13 6.50%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 Feb 2017
1 HSBC 5,558.78 30 9.86%
2 Citi 5,005.39 21 8.88%
3 JPMorgan 4,564.51 23 8.09%
4 Morgan Stanley 4,198.24 15 7.44%
5 Bank of America Merrill Lynch 3,028.46 14 5.37%

Asian polls & awards

  • Photos of the GlobalCapital Asia New Year Drinks and Awards Reception

    GlobalCapital Asia held a New Year drinks and awards reception at Le Bistro Winebeast in Hong Kong on February 15, 2017. Below is a selection of the best photos from the night. Our thanks to all who attended.

  • 2016 Best Country Deals: Results

    GlobalCapital Asia and Asiamoney are pleased to announce the results of our Best Country Deals, recognising the standout transactions in Asia. Our thanks to everybody who took time to pitch.

  • 2016 China Deals and Investment Bank of the Year: Results

    GlobalCapital Asia and Asiamoney are pleased to announce the results of our annual awards, recognising the best banks and transactions in China. Thanks to everyone who took time to pitch and our congratulations to the winners.

  • 2016 Australia Deals and Investment Bank of the Year: Results

    GlobalCapital Asia and Asiamoney are pleased to announce the results of our annual awards, recognising the best banks and transactions in Australia. Our thanks to everybody who took time to pitch.

  • Asiamoney Best Brands in Finance Poll

    Asiamoney is delighted to announce the launch of the Asiamoney Best Brands in Finance Poll. We want to hear what you, our readers, think makes a top brand among financial market participants in Asia-Pacific — and which companies have the very strongest brands in the markets you know best.