• Christmas safari

    Amid UBS’s Sergio Ermotti’s spat with regulators, Clawback columnist Philippe Espinasse turns his attention to this season’s banker bonuses.

    • 04 Dec 2017
  • The end of the affair

    In this week's Clawback, columnist Philippe Espinasse writes about how Hong Kong’s ambitious plans to woo international companies to its stock exchange are facing a big setback.

    • 06 Nov 2017
  • The end (of rights issues) is near

    In the latest Clawback, columnist Philippe Espinasse puts the Hong Kong Stock Exchange’s (HKEX) recent consultation paper on capital raisings by listed issuers under the microscope.

    • 26 Sep 2017
  • The East is Red

    In the latest Clawback, columnist Philippe Espinasse puts cash trading numbers in Hong Kong under the microscope to some rather interesting results.

    • 04 Sep 2017
  • A walk through the IPO sponsor minefield

    In the latest Clawback, columnist Philippe Espinasse dissects the IPO approval and rejection process in Hong Kong, as the city’s licensed bankers play musical chairs.

    • 02 Aug 2017
  • The Merlion roars again

    Something quite extraordinary has just been happening in Singapore. For the first time in several years, investors in the city-state have been able to punt on a local, multi-billion-dollar IPO, writes Philippe Espinasse in the latest Clawback.

    • 19 Jul 2017
  • Year of the dragon

    Just as the country’s prime minister, Nguyen Xuan Phuc, met with Donald Trump on a US tour, Vietnam’s equity capital markets were repeatedly in the news over the last few weeks, with a flurry of IPOs and new listings, heralding that issuers there may finally be coming of age, writes columnist Philippe Espinasse.

    • 06 Jun 2017
  • Belt & Braces for Belt & Road issuers

    In the latest Clawback, columnist Philippe Espinasse turns his focus to the listing of infrastructure project companies in Hong Kong, saying that IPOs of Belt and Road issuers could be a big challenge.

    • 05 May 2017
  • Churning the sea of milk

    To many, the 85% collapse in the share price of China Huishan Dairy Holdings Co on March 24 came as a complete surprise. With now all of the company’s non-executive directors having tendered their resignations (in the process also effectively wiping out Huishan’s audit committee), the company’s key treasury executive still missing, and the controlling shareholder seemingly heading for the exit amid talk of margin calls, the milk producer’s short stint as a public company increasingly looks like a horror story, writes Clawback.

    • 05 Apr 2017
  • Heaven can wait

    The CEO of HKEX may be keen for Saudi Aramco to list in Hong Kong but as our columnist Clawback explains, there are more reasons for the Saudi oil giant to bypass the city’s exchange than to pick it for a listing.

    • 07 Mar 2017

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) 28.62
2 CITIC Securities 21.06
3 China CITIC Bank Corp 9.72
4 China Merchants Bank Co 9.18
5 Industrial and Commercial Bank of China (ICBC) 7.56

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 CITIC Securities 16,270.37 85 6.32%
2 UBS 14,128.60 88 5.49%
3 Goldman Sachs 11,744.37 58 4.56%
4 China International Capital Corp Ltd 11,422.00 55 4.44%
5 Morgan Stanley 10,900.56 58 4.23%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 35,178.30 245 8.08%
2 Citi 34,267.00 196 7.87%
3 JPMorgan 26,001.66 142 5.97%
4 Bank of America Merrill Lynch 21,496.54 111 4.93%
5 Standard Chartered Bank 19,923.39 139 4.57%

Asian polls & awards