Latest news
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EQUITIES: Khazanah Launches M$400m Selldown In Malaysia Airports
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EQUITIES: Man Wah Launches HK$3.4bn IPO
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EQUITIES: Australia's Largest IPO Of 2010 Mandated
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EQUITIES: Two Hired For CIMB's Thailand Dual-Listing
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EQUITIES: Zhongsheng Launches HK$3.67bn IPO
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EQUITIES: Zhongsheng Re-starts Trimmed HK IPO
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EQUITIES: W1.8trn Korea Life IPO Priced Below Range
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EQUITIES: Amtek Eyes Singapore Relisting
Cancellation of AIA’s jumbo listing hits SEHK
Last week’s confirmation that American Insurance Group’s Asian unit is set to be sold to Prudential, rather than spun-off via a Hong Kong IPO, will be a huge disappointment, not just for the nine bookrunners involved but also for the Stock Exchange of Hong Kong. AIA’s removal from the potential issuer list in 2010 is likely to hurt SEHK’s bottom line and create a huge challenge as it tries to maintain its position as the world’s dominant venue for IPO fundraisings.
Zhongsheng stuns market with steep valuation
Zhongsheng Group, one of China’s largest auto dealer groups, immediately caught attention across the market last week as it started premarketing its IPO with an aggressive indicative valuation. BOC International, Morgan Stanley and UBS are the leads on the US$1bn Hong Kong float, with the domestic firm offering the most ambitious numbers.
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Rusal share slide casts doubt on Russia Inc’s HK listing prospects
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Volatile markets force Indian government to change tack on divestment process
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Malaysian IPO downsized on price sensitivity
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Asian airlines shed excess baggage ahead of equity fundraisings
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Demand-led pricing takes hold for A-shares
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Malaysia’s JCY looks to defy market rout
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Guangzhou Auto’s backdoor HK listing disappoints leads
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China SCE Property IPO faces uphill struggle
Follow-ons
Government stake sales to make ECM space busier
The Indian ECM space is set to get busier with government disinvestments in key state-run companies expected to hit the markets starting in the next few weeks. State-run power firm NTPC is expected to launch its up to US$2bn follow-on offering first later this month or early February via leads Citi, JP Morgan, Kotak and ICICI Securities. The Indian government will be looking to sell 5% of its 89.5% stake in NTPC.
Tingyi raisesTaiwan’s TDR to fever pitch
A NT$17.1bn (US$532m) Taiwan depositary receipts issue from Hong Kong-listed Tingyi is set to push TDR fever to new heights. The deal is the largest ever TDR in Taiwan and also the largest public equity offering in the country since the onset for the financial crisis.
Equity-Linked
Third time lucky for buyers of Vedanta CB
London-listed Indian mining company Vedanta Resources has not been the darling of investors in the equity-linked market. Two previous CB fundraisings – a US$725m deal in 2006 and another for US$1.25bn in 2009 – came at terms the company found attractive, but left investors feeling more than a little hard done by.
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Beleaguered Suzlon goes back to CB restructuring table
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CB rules amendment provides relief to Indian issuers
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BOC’s Rmb40bn deal to transform China CB market
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Controversy dogs Jaiprakash Power Ventures’ CB debut
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Ambitious Hon Hai eyes mega CB
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Far East Consortium sets the ball rolling for Asian equity-linked
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Back to the future: UMC revives negative-yield structure
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Vincom establishes offshore presence with record CB
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CB investors reaffirm faith in Tata Steel through exchange offer
Rights Issue
Asian airlines shed excess baggage ahead of equity fundraisings
Planned equity raisings by two Asian airlines that have struggled with mountainous debt in recent years are yet another indication of the market’s recovery. Indonesian state-owned airline Garuda is in the final stages of a US$760m debt restructuring following which it will launch a US$300m IPO, while Thai Airways intends to raise up to Bt25bn (US$755m) via a rights offer.