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Trade bodies speak out against push to drive equity trading on to lit markets
Shares trade 8% above offer price as shipping company completes second listing
TX Group and SMG absorb almost 60% of block as insurer cuts holding to 11.8%
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The market is poised for an overhaul of Europe’s securities rules, as part of the European Commission’s Capital Markets Union agenda. The UK has weighed in on the debate arguing for a stripped down process, a split prospectus, and no blackout period.
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The bursting of China’s stock market bubble last week rattled investors, with Asian bourses feeling a contagion effect from the mainland’s collapse. As indices begin to steady, ECM bankers in Hong Kong are adamant the market is open for business, but discussions with potential issuers on pricing and timing are taking centre stage, writes Rashmi Kumar. -
Chinese wealth management service provider Jupai Holdings priced its $53m IPO on the New York Stock Exchange at the bottom end of guidance on July 16, as its selling shareholders reined in the number of secondary shares on offer.
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Yong Rong Global Excellence Fund managed to navigate choppy conditions in Asia’s equity capital markets to exit Bloomage Biotechnology in a HK$231.5m ($30m) block on Monday, July 13, wooing investors eager to take a position in the company at discounted levels.
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Hanjin Transportation defied the odds to raise W217.84bn ($191.57m) from a block trade in Korean Air Lines, with sole bookrunner Morgan Stanley winning plaudits for its handling of the transaction that hit the market just a week after the first attempt fizzled out.
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India’s Phoenix Mills, a shopping mall operator, has scooped Rp2.83bn ($45m) from a qualified institutional placement that resounded well with international long-only funds, surprising even those close to the deal with their strong interest.
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