Author Archive
A review of the Hong Kong Stock Exchange and IPO market in the year of 2010
Now we’re in the middle of 2011. A lot of people wonder how did the Hong Kong IPO market perform in the year of 2010. Below I’ve extracted the section “The Year 2010 in Review” from HKEx’s factbook. It gives some intereting figures and statistics. The HKEx markets achieved a sustainable recovery in the second [...]
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Hong Kong IPO – A list of acceptable overseas jurisdictions
The Hong Kong Stock Exchange has formally ruled that the following overseas jurisdictions are acceptable as an issuer’s place of incorporation. Australia Bermuda Brazil British Virgin Islands Canada – Alberta Canada – British Columbia Canada – Ontario Cayman Islands Cyprus France Germany Guernsey Isle of Man Italy Japan Jersey Luxmbourg People’s Republic of China Singapore [...]
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Hong Kong IPO listed companies minimum public float requirement
What is the minimum public float requirement of a Hong Kong listed company? At least 25% of the issuer’s total issued share capital must at all times be held by the public. Where the issuer has one class of securities or more, the total securities of the issuer held by the public at the time [...]
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Hong Kong IPO main board listing requirements – profit / market / capitalisation / revenue / cash flow test
I have represented underwriters and issuers in initial public offerings (IPO) in Hong Kong on many occasions. In this article, I give an overview of the key financial listing requirements in relation to listing on the main board of the Hong Kong Stock Exchange. A new listing applicant must satisfy either the profit test or [...]
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Incorporation of a Hong Kong company limited by shares as a special purpose vehicle (spv) or holding company
Some clients I work with require the incorporation of a Hong Kong limited company in the process of their private equity, M&A or capital markets investments. I have helped a lot of clients incorporate such company which is mainly used as a special purpose vehicle (SPV) or a holding company. In this article, I discuss [...]
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Confidentiality agreement or NDA – restricted use of confidential information
This is another post on NDA. I wrote a post on return or destruction of confidential information not long ago. This post is on restricted use of confidential information. I have only a few points to make. 1. Normally, Seller will be disclosing confidential information not just to Buyer, but also to Buyer’s Representatives. Representatives [...]
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Confidentiality agreement or NDA – return or destruction of confidential information
Let’s talk about confidentiality agreement (aka non-disclosure agreement or NDA) in this post – specifically on the clause relating to return or destruction of confidential information. There may be a confidentiality clause in a term sheet, but in this post, we are focusing on NDAs. You will almost definitely see a clause relating to return [...]
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Venture capital lawyer or law firm recommendation and referral
I have written a lot of posts on this website about venture capital funding and have received a lot of emails from readers thanking me for such great help – some on the posts I wrote, on advice I gave them through emails, and on the Askventure.com cap table which they can download free from [...]
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What are demand and piggyback registration rights in a venture capital investment?
This article discusses the two types of registration rights that you will find in a typical venture capital financing – demand registration rights and piggyback registration rights. Why do you need to register your shares? Skipping all the legal nonsense and jargon, if you want to sell shares of a company on a stock exchange [...]
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Should venture capitalists or private equity firms actively indulge in social media?
Social media or web 2.0 has become an intergral part nowadays. Being extensively used by in all sectors of industry, the question arises that whether venture capitalists or private equity firms should also invest time on a regular basis in social media. Even if they decide to do so how they should do so i.e. [...]
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