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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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Two Chinese brokerage firms are pushing ahead with their IPOs in Hong Kong even as the rally in China’s A-share market took a sharp pause last week. Guolian Securities Co and Luzheng Futures Co both opened books on Monday, vying to raise a combined HK$4.14bn ($534.04m). -
Innocean Worldwide opened books on Monday, June 22, for its South Korean IPO of W355bn ($323m), on the back of some positive response from the market during the investor education phase.
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Hong Kong has taken a step forward to making weighted voting rights (WVR) a reality in the city-state, with its stock exchange regulators in the midst of finalising recommendations that could allow for the listing of different classes of shares by early next year.
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Bank of Jinzhou Co has put the brakes on its $600m IPO in Hong Kong after longer-than-expected regulatory proceedings held up its planned float, which was originally scheduled to launch this month.
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China’s Ctrip.com International has taken the equity-linked market by storm, raising a mammoth $1.1bn via a dual-tranche convertible bond on June 18, marking the largest issuance in Asia ex-Japan ex-onshore China since 2010.
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Red Star Macalline Group Corp priced its IPO in Hong Kong at the top of the range on June 19, raising HK$7.22bn ($931.34m) for the furniture retailer-cum-shopping mall owner that has been dubbed China’s answer to Ikea.
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