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☆ Hong Kong's IPO market is finally starting to turn around, consulting firm EY says
▼ + stars: | 2024-07-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Hong Kong Exchanges and Clearing celebrates the 24th anniversary of its listing on June 21, 2024. "We are seeing more of these [U.S. dollar] funds, they are moving back to Hong Kong. "I would say if the interest rate can be further cut down, 1% maybe, that would have a significant effect on the IPO market," Chan said. Hong Kong IPO returns are improving. "These things added together are projecting an upward trend for the Hong Kong market [in the] next 5 years."

Persons: George Chan, Chan, EY, Hong Kong, Marcia Ellis, Morrison Foerster, Hong Kong IPOs, China IPOs, Bonnie Chan, EY's George Chan, EY's Chan Organizations: Hong Kong Exchanges, China News Service, Getty, CNBC, Information, HK, China Securities Regulatory, Hong Kong . Investors, U.S . Federal Reserve, Hong Kong Stock Exchange, Hong, Hong Kong Locations: BEIJING, Hong Kong, China, U.S, Shanghai, Hong, Greater China

☆ Wall Street faces life in China’s second tier
▼ + stars: | 2023-06-01 | by ( Antony Currie | ) www.reuters.com time to read: +8 min

Recent earnings reports from U.S. investment banks defy the sober mood among China-focused financiers. Morgan Stanley’s (MS.N) Asia revenue in the first three months of the year was almost 40% above the final quarter of 2022. Companies going public in Hong Kong have raised $2 billion so far this year, per Dealogic. At some point Hong Kong IPOs and cross-border M&A are likely to perk up. Many of those trades flow through the Hong Kong bourse’s Stock Connect links to the Shanghai and Shenzhen exchanges.

Persons: Jamie Dimon, outlast, It’s, Morgan Stanley’s, Sharon Yeshaya, Goldman Sachs’s, that’s, Stephanie Hui, Goldman Sachs, ”, Morgan Stanley, Goldman, That’s, Breakingviews, Hong Kong, Peter Thal Larsen, Katrina Hamlin Organizations: MELBOURNE, Reuters, JPMorgan, Communist Party, Companies, HK, KKR, Reuters Graphics, Tuesday, Bank of America, Wall, China Securities, Financial Times, Apple, Hong Kong bourse’s, Goldman, JPMorgan –, Bloomberg, Thomson Locations: China, Shanghai, U.S, Asia, Hong Kong, Macau, Taiwan, Beijing, Washington, United States, People’s Republic, Germany, Hong, Shenzhen, Greater China, Pacific

SYDNEY, April 27 (Reuters) - Chinese spirit maker ZJLD Group's (6979.HK) shares opened 17% lower in their trading debut on Thursday, after it completed the largest new share sale in Hong Kong this year. The KKR-backed company raised $675.2 million last week in the biggest new share sale in Hong Kong since CALB Group Co (3931.HK) raised $1.3 billion in October. ZJLD shares opened at HK$9 compared to the issue price of HK$10.82 each. MedSci Healthcare Holdings (2415.HK) shares dropped 1.1% on Thursday when its shares also debuted in Hong Kong after it raised $77 million last week. Institutional investors subscribed for 3.9 times the amount of ZJLD shares on offer in that tranche, according to the firm's filings, which was above many other Hong Kong IPOs this year.

HONG KONG, April 17 (Reuters Breakingviews) - Hong Kong could use a shot of something. Yet compared to the $313 billion Shanghai-listed behemoth Kweichow Moutai (600519.SS), debutante ZJLD is a drop in the near-$100 billion baijiu industry: it logs less than 1% market share. At the top of the marketed price range, ZJLD could be worth $5.4 billion, or almost 24 times this year's forecast earnings, IFR reports. Revenue at the company, which will be the first baijiu distiller to list in Hong Kong, was up a healthy 15% last year, while its adjusted net profit margin topped 20%. For Hong Kong, consumer stocks will put the focus back onto classic risks.

☆ JD.com’s Property and Industrial Units Seek About $1 Billion Each in Hong Kong IPOs
▼ + stars: | 2023-03-30 | by ( Dave Sebastian | ) www.wsj.com time to read: 1 min

Workers sort packages for delivery at a JD.com warehouse in Beijing. JD.com Inc.’s property and industrials units are targeting to raise about $1 billion each in Hong Kong initial public offerings, people familiar with the matter said, adding to the supply of potentially sizable deals that could hit the market this year. The Chinese e-commerce giant said on Thursday that it is planning to spin off Jingdong Property Inc. and Jingdong Industrials Inc. by listing both companies in the city.

Bonus payout discussions are currently underway at Morgan Stanley globally, they said. Morgan Stanley, which does not disclose details of bonus payouts, declined to comment. Wall Street investment bankers can expect much smaller bonuses this year as the economy slows, according to projections published last month by Johnson Associates Inc, a compensation consultant in New York. This year's bonus discussions are taking place after Morgan Stanley CEO James Gorman said earlier this month that the bank was making "modest job cuts" worldwide. Morgan Stanley reported a 30% slump in third-quarter profit in October, missing analysts' estimate as a slowdown in global dealmaking hurt its investment banking business.

HONG KONG, Dec 12 (Reuters Breakingviews) - Hong Kong’s bankers and officials fantasise about the moment China finally ditches its Covid-19 restrictions. Mainland Chinese firms account for eight of Hong Kong Exchanges and Clearing’s (0388.HK) ten largest ever IPOs. It remains faster for Chinese companies to list in Hong Kong, rather than join the long queue on the mainland. Hong Kong could also host more offerings from places like the Middle East and Southeast Asia, as Cha envisions. IPOs on the Hong Kong exchange have raised $7.1 billion so far in 2022, according to Refinitiv data for the year up to Dec. 7.

☆ Two large Hong Kong IPOs drop in trading debut: China EV maker Leapmotor plunges, Onewo shares dip
▼ + stars: | 2022-09-29 | by ( Abigail Ng | ) www.cnbc.com time to read: +1 min

China Vanke's subsidiary Onewo and EV maker Zhejiang Leapmotor Technology began trading on the Hong Kong market on Thursday. Chinese electric vehicle maker Leapmotor's shares tumbled as much as 32% from its offer price of 48 Hong Kong dollars ($6.11) per share. Shares of Onewo fell 7.9% from its offer price of 49.35 Hong Kong dollars ($6.29) per share in early trade, and was last 4.76% lower. Onewo, a subsidiary of property developer China Vanke, raised 5.6 billion Hong Kong dollars ($713.5 million), while Leapmotor raised 6.06 billion Hong Kong dollars ($771.7 million). Data from the Hong Kong Exchange (HKEX) show there were 48 new listings in Hong Kong from January to August in 2022, raising a total of 56 billion Hong Kong dollars ($7.1 billion) – a steep drop from the same period in 2021, in which there were 69 new listings that raised 271.4 billion Hong Kong dollars ($34.6 billion).

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