Poor year-end for ECM teams as new HK listings plummet

15 Dec 2011

Life is not getting any easier for Asia’s ECM bankers, who have been hard at work trying to get through a heavy pipeline of deals before the end of the year. But a cancelled deal in Hong Kong this week and the struggle involved in trying to close another have ensured that the year has ended on a negative note.

The poor aftermarket performance of several recent Hong Kong issues has not helped matters. Chow Tai Fook Jewellery Group and New China Life Insurance both made their trading debuts on Thursday, and fell 7.73% and 9.65%, respectively. China Polymetallic Mining had fared even worse, slumping more than 39% ...

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