IPO capital markets

Top 10 IPO Equity Funds Raised on Global Stock Exchanges in 2011

I would like to give you some interesting statistics of 2011 in this article. As most of you know, I specialize in IPO on the Hong Kong Stock Exchange (along with other equity and debt offerings, mergers and acquisitions and private equity transactions). Statistics on capital markets and market conditions are important to me.
Here, I [...]

Listing by introduction vs IPO global offering on the Hong Kong Stock Exchange (HKSE)

This article aims to help you know more about what listing by introduction is, how a company gets listed on the Stock Exchange of Hong Kong (SEHK) by introduction, and what information to look for before buying shares of a company to be listed by introduction.
What is listing by Introduction?
Listing by introduction is one of [...]

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 year [...]

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
United Kingdom
United States of American – California, State of
As a general note, Cayman Islands, Hong Kong and the PRC are [...]

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 of [...]

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 the [...]

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 in the [...]

Exercise price of share option under a share option scheme of a Hong Kong listed company

This article sets out the basis of determination of the exercise price of share options to be granted under a share option scheme of a company listed on The Stock Exchange of Hong Kong Limited (Hong Kong Stock Exchange).
Hong Kong Listing Rules
If the shares of a company is listed on the Hong Kong Stock Exchange, [...]

China to Launch Growth Enterprise Board on May 1, 2009

This article gives a legal review of the China Securities Regulatory Commission’s (CSRC) (中国证监会) announcement on March 31, 2009 regarding the launch of China’s growth enterprise board (创业板) on May 1, 2009.
On March 31, 2009, the CSRC issued the “Provisional Regulations on IPO and Listing on the Growth Enterprise Market” 《首次公开发行股票并在创业板上市管理暂行办法》 regarding the launch of [...]