DOCSLIB.ORG

Guotai Junan International, Sydney Stock Exchange and AIMS

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Guotai Junan International, Sydney Stock Exchange and AIMS [For immediate release] Guotai Junan International, Sydney Stock Exchange and AIMS Financial Group Enter into Strategic Cooperation Agreements to Build a New Platform Connecting the Capital Markets of the Mainland China, Hong Kong and Australia [1 April 2016, Hong Kong] Leading integrated securities enterprise Guotai Junan International Holdings Limited (“Guotai Junan International”, Stock code: 1788) today announced that it has entered into strategic cooperation agreements (“the Agreements”) with Sydney Stock Exchange (“SSX”), the leading stock exchange in Australia, and its holding company, AIMS Financial Group (“AIMS Financial”) respectively regarding information sharing, project cooperation and other cooperation in various financial services. Dr. Yim Fung, Chairman and CEO of Guotai Junan International, signed the Agreements with Mr. George Wang, Deputy Chairman of SSX and Chairman and President of AIMS Financial in Hong Kong. According to the Agreement, Guotai Junan International will work closely with SSX and AIMS Financial on development of mutual trading platforms, establishment of the joint roadshow mechanism and set-up of investment funds in order to facilitate the one-stop cross-border financial services for respective clients. Through this cooperation, Guotai Junan International’s corporate clients can list on the Sydney Stock Exchange seamlessly leveraging on the extensive network and professional consulting capability of AIMS Financial, which encourages the corporate access to multiple international capital markets. Mr. George Wang, Deputy Chairman of Sydney Stock Exchange, Chairman and President of AIMS Financial Group (right) awarded the “Sydney Stock Exchange Emerging Market Nominated Sponsor Certificate” to Dr. Yim Fung, Chairman and CEO of Guotai Junan International (left) Dr. Yim Fung, Chairman and CEO of Guotai Junan International, said, “Guotai Junan International today entered into the strategic cooperation agreements with the two leading financial institutions in Australia, representing an important step in the internationalization of Guotai Junan’s business and demonstrating our ambition to become an international Guotai Junan International, Sydney Stock Exchange and AIMS Financial Group Enter into Strategic Cooperation Agreements to Build a New Platform Connecting the Capital Markets of the Mainland China, Hong Kong and Australia Page 2 comprehensive financial services institution. The three parties will be dedicated to making the ties of the capital markets in the Mainland China, Hong Kong and Australia even closer under the Agreement. Taking this advantage, Guotai Junan International will become the corporate clients’ best financing institution and the high net worth individual clients’ best wealth management company, which maximizes returns for our shareholders. At the same time, SSX and AIMS Financial will also benefit from the cooperation with Guotai Junan International, a leading broker in China – signifying a win-win situation for all parties.” Mr. George Wang, Deputy Chairman of Sydney Stock Exchange, Chairman and President of AIMS Financial Group, said, “The strategic agreement signed by Guotai Junan International, Sydney Stock Exchange and AIMS Financial Group embodies mutual respect among the three parties and demonstrates our sincerity to share experience and knowledge. The cooperation will provide investors in Mainland China, Hong Kong and Australia with quality and diversified international financial services, which echoes to RMB internationalization policy introduced by China’s government and lays a solid foundation for RMB circulation and trading in the international capital markets. Sydney Stock Exchange operates in strict compliance with Australian regulations and of high management standard that the trading platform is fair, open, transparent and safe. This cooperation with Guotai Junan International, a leading comprehensive financial services institution in Hong Kong, will better demonstrate SSX’s capability as an innovative financing platform for high-growth enterprises to the international markets. Both SSX and AIMS Financial highly appreciate the cooperation and we are committed to achieving mutual benefits for all three parties.” – End – About Guotai Junan International Holdings Limited Guotai Junan International is the first Chinese securities broker approved by the China Securities Regulatory Commission to list its shares, by way of initial public offer, on the Main Board of The Stock Exchange of Hong Kong. The Company's businesses are based in Hong Kong and cover the provision of the following core financial services: (i) brokerage, (ii) corporate finance, (iii) loans and financing, (iv) asset management, (v) fixed income and (vi) investment holding and market making. The Company is a subsidiary of Guotai Junan Securities Company Limited (“Guotai Junan”), one of the China’s leading securities houses with listing at the Shanghai Stock Exchange, predominantly controlled by Shanghai International Group Company Limited. Backed by the strong operational support, we are the designated international flagship company of Guotai Junan, serving as the gateway for international expansion of Guotai Junan. About Sydney Stock Exchange Sydney Stock Exchange (SSX), formerly Asia Pacific Stock Exchange, is the Main Board of the Australian Stock Exchange yet featured with its flexibility similar to a Second Board. Leveraging on the unique geographical and networking advantages, SSX is committed to build an efficient capital market platform of high quality. SSX serves as an international financing platform for various enterprises, especially the growth-oriented companies. Sydney Stock Exchange is a domestic Australian company and closely cooperates with investment banks, securities firms and private equity funds in the Asian Pacific region. With Guotai Junan International, Sydney Stock Exchange and AIMS Financial Group Enter into Strategic Cooperation Agreements to Build a New Platform Connecting the Capital Markets of the Mainland China, Hong Kong and Australia Page 3 the profound connections with Chinese institutions and enterprises, SSX is dedicated to provide the best financing channel for the Chinese investors, enterprises and other financing institutions in the international capital markets. SSX has two key functions, including the provision of the listing services to companies and securities issuers, as well as the trading platform for stock brokers, traders and investors to buy and sell shares/securities. Various financial products can be traded on SSX including company shares, trust units and other pooled investment products as well as fixed income products such as bonds. About AIMS Financial Group AIMS Financial Group (AIMS Financial) has been established in Australia for 25 years. It wholly owns the Sydney Stock Exchange (SSX). AIMS is a financial institution with diversified financial services and investment businesses including funds management, investment banking, securities brokerage, asset securitization, mortgage loans and various types of asset investments. Being one of the important bridges that connect Australia with the overseas capital markets, AIMS Financial has successfully introduced hundreds of millions dollars of overseas funds to Australia. The asset management size of AIMS Financial is huge and it expanded even further through the acquisition of MacarthurCook Limited (renamed as AIMS Funds Group) in 2009. AIMS Financial has successfully diversified its business into different financial sectors through historical acquisition of the largest independent securities broker BBY in Australia and New Zealand (renamed as Asia Pacific Prudential Securities Pty Ltd, “APP Securities”). AIMS Financial has profound market penetration in the Chinese capital market as well as in Australia. It is the first batch of companies and the only Australian company entered Shenzhen Qianhai economic zone in 2012. For more information: http://www.gtja.com.hk. For enquiries, please contact: Guotai Junan International Holdings Limited Ms. Fion Ng Investor Relations and Corporate Communications Manager Tel: (852) 2509 2634 Email: [email protected] Website: http://www.gtja.com.hk .
Load more

Recommended publications
  • Global IPO Trends Report Is Released Every Quarter and Looks at the IPO Markets, Trends and Outlook for the Americas, Asia-Pacific and EMEIA Regions
    When will the economy catch up with the capital markets? Global IPO trends: Q3 2020 ey.com/ipo/trends #IPOreport Contents Global IPO market 3 Americas 10 Asia-Pacific 15 Europe, Middle East, India and Africa 23 Appendix 29 About this report EY Global IPO trends report is released every quarter and looks at the IPO markets, trends and outlook for the Americas, Asia-Pacific and EMEIA regions. The current report provides insights, facts and figures on the IPO market for the first nine months of 2020* and analyzes the implications for companies planning to go public in the short and medium term. You will find this report at the EY Global IPO website, and you can subscribe to receive it every quarter. You can also follow the report on social media: via Twitter and LinkedIn using #IPOreport *The first nine months of 2020 cover completed IPOs from 1 January 2020 to 30 September 2020. All values are US$ unless otherwise noted. Subscribe to EY Quarterly IPO trends reports Get the latest IPO analysis direct to your inbox. GlobalGlobal IPO IPO trends: trends: Q3Q3 20202020 || Page 2 Global IPO market Liquidity fuels IPOs amidst global GDP contraction “Although the market sentiments can be fragile, the scene is set for a busy last quarter to end a turbulent 2020 that has seen some stellar IPO performance. The US presidential election, as well as the China-US relationship post-election, will be key considerations in future cross-border IPO activities among the world’s leading stock exchanges. Despite the uncertainties, companies and sectors that have adapted and excelled in the ‘new normal’ should continue to attract IPO investors.
    [Show full text]
  • Global Market Structure Asia Pacific Newsletter Special Edition - Issue 41, 2016
    Deutsche Bank March 2016 Equities Global Market Structure Asia Pacific Newsletter Special Edition - Issue 41, 2016 2016 Year of the Monkey 2 Global Market Structure Issue 41, 2016 Contents APAC and ASEAN Summary 4 Hong Kong 8 China 17 Taiwan 26 Japan 30 India 35 South Korea 41 Australia 46 Thailand 52 Singapore 54 Philippines 58 Indonesia 60 Malaysia 62 Chart Definitions 64 Editor Jessica Morrison, Head of APAC Market Structure [email protected] Quantitative Content Winnie Khattar, Head of APAC Analytics [email protected] Contributors Kirsten Yam, Nithin Nath, Shailendra Kumar, Gyanendra Agrawal, Amy-ZW Zhang, Wesley Wise 3 Global Market Structure APAC and ASEAN Summary Welcome to 2015-16 Special Edition Newsletter which provides a summary of APAC macro and micro market structure developments in 2015, and a forward looking 2016 review. 2015 was a tumultuous year with China market seeing a 47% rise to the peak of 12th June followed by a fall of 43% within 12 weeks. Reforms were a combination of required evolution with the new Margin Trading and Stock Borrow Lending rules and SDR inclusion being the most prominent example - to more reactionary such as the reduction of new positions in the CSI300 to 10 lots. China continues the opening measures in 2016 by relaxing the QFII rules, and new CSRC chief Liu has confirmed Shenzhen Connect must go forward this year with IPO reform, new listing and delisting rules and the potential introduction of electronic trading (“Program Trading”) rules. In Hong Kong, the Connect programme is seeing buying from mainland investors.
    [Show full text]
  • The Making of White Australia
    The making of White Australia: Ruling class agendas, 1876-1888 Philip Gavin Griffiths A thesis submitted for the degree of Doctor of Philosophy of The Australian National University December 2006 I declare that the material contained in this thesis is entirely my own work, except where due and accurate acknowledgement of another source has been made. Philip Gavin Griffiths Page v Contents Acknowledgements ix Abbreviations xiii Abstract xv Chapter 1 Introduction 1 A review of the literature 4 A ruling class policy? 27 Methodology 35 Summary of thesis argument 41 Organisation of the thesis 47 A note on words and comparisons 50 Chapter 2 Class analysis and colonial Australia 53 Marxism and class analysis 54 An Australian ruling class? 61 Challenges to Marxism 76 A Marxist theory of racism 87 Chapter 3 Chinese people as a strategic threat 97 Gold as a lever for colonisation 105 The Queensland anti-Chinese laws of 1876-77 110 The ‘dangers’ of a relatively unsettled colonial settler state 126 The Queensland ruling class galvanised behind restrictive legislation 131 Conclusion 135 Page vi Chapter 4 The spectre of slavery, or, who will do ‘our’ work in the tropics? 137 The political economy of anti-slavery 142 Indentured labour: The new slavery? 149 The controversy over Pacific Islander ‘slavery’ 152 A racially-divided working class: The real spectre of slavery 166 Chinese people as carriers of slavery 171 The ruling class dilemma: Who will do ‘our’ work in the tropics? 176 A divided continent? Parkes proposes to unite the south 183 Conclusion
    [Show full text]
  • Stock Market Linkages in Emerging Asia-Pacific Markets
    SGOXXX10.1177/2158244013514060Palamalai et al.Palamalai et al. 514060research-article2013 Article SAGE Open October-December 2013: 1 –15 Stock Market Linkages in Emerging © The Author(s) 2013 DOI: 10.1177/2158244013514060 Asia-Pacific Markets sgo.sagepub.com Srinivasan Palamalai1, Kalaivani M.2, and Christopher Devakumar1 Abstract This study examines the stock market integration among major stock markets of emerging Asia-Pacific economies, viz. India, Malaysia, Hong Kong, Singapore, South Korea, Taiwan, Japan, China, and Indonesia. The Johansen and Juselius multivariate cointegration test, Granger causality/Block exogeneity Wald test based on the vector error correction model (VECM) approach, and variance decomposition analysis were used to investigate the dynamic linkages between markets. Cointegration test confirmed a well-defined long-run equilibrium relationship among the major stock markets, implying that there exists a common force, such as arbitrage activity, which brings these stock markets together in the long run. The results of Granger causality/Block exogeneity Wald test based on VECM and variance decomposition analysis revealed the stock market interdependencies and dynamic interactions among the selected emerging Asia-Pacific economies. This result implies that investors can gain feasible benefits from international portfolio diversification in the short run. On the whole, the study results suggest that although long-term diversification benefits from exposure to these markets might be limited, short-run benefits might exist
    [Show full text]
  • Mainland China and Hong Kong 2020Review: Ipos and Other Market
    Mainland China and Hong Kong 2020 review: IPOs and other market trends Foreword Despite overall market sentiment and investor confidence this year being driven by COVID-19 as well as political, social and economic concerns, global IPO markets have shown resilience, recovering after a slower first half and expected to end strong by recording an increase of more than 23 percent in terms of proceeds by the end of 2020, compared with last year. This increase is mainly due to a surge in fundraising in the leading stock markets in Mainland China, Hong Kong and the US, especially the Mainland China and Hong Kong stock exchanges, which are – set to record their most active year since 2011 in terms of proceeds. The Shanghai Stock Exchange is expected to rank among the global top three exchanges in terms of total funds raised, boosted by the continuing popularity of the STAR Market. The A-share market is up 82 percent in terms of funds raised compared with last year. On the back of the STAR Market’s success, China has deepened its capital markets reform with the expansion of registration-based IPOs in the ChiNext market during the year. The STAR and ChiNext board focus on supporting innovative growth companies and start-ups, further facilitating the growth of multi-layered capital markets, and enhancing liquidity and investments in the A-share market. Hong Kong’s market has continued to attract up-and-coming companies from around the world, with a number of homecoming listings. During the period, nine US-listed Chinese-based companies completed secondary listings in Hong Kong, raising a total of HKD131.3 billion, representing approximately 34 percent of funds raised.
    [Show full text]
  • The Financial Statism Regime As Scaffolding In
    Financial Statism as an Alternative Interventionist Approach in Developing International Financial Centres (IFCs): The Case of Shanghai since the 1990s Thesis submitted for the degree of Doctor of Philosophy University College London Dafeng Xu Development Planning Unit University College London December 2014 - 1 - Declaration I, Dafeng Xu, confirm that the work presented in this thesis is my own. Where information has been derived from other sources, I confirm that this has been indicated in the thesis. - 2 - Abstract As increasing numbers of developing countries seek to build their own international financial centres, it is critical to take account of this new phenomenon in the realm of development studies. Previous development theories have devoted a great deal of attention to the analysis of industrialisation in the manufacturing sector, but insufficient attention to this new subject. At odds with neoliberal laissez-faire evolution, the financial statism identified in this thesis as (a) state ownership in the financial sector; (b) financial restraint policies; and (c) state control over capital mobility and currency convertibility, suggests an alternative approach adopted by the Chinese state to develop Shanghai into an international financial centre from the 1990s. It is argued that IFCs‘ development is multi-faceted and can only be addressed in a country-specific context. The study demonstrates that due to the imperfection of institutions and infrastructure in China as a transitional economy in the 1990s, financial statism has played an active role in maintaining socio-economic stability at macro level, creating market institutions and urban infrastructure at meso-level and precluding exogenous financial risks at meta-level.
    [Show full text]
  • Chinese Stock Market Performance in the Time of Novel Coronavirus Pandemic
    Munich Personal RePEc Archive Chinese stock market performance in the time of novel coronavirus pandemic Liew, Venus Khim-Sen and Puah, Chin-Hong Universiti Malaysia Sarawak 1 April 2020 Online at https://mpra.ub.uni-muenchen.de/100414/ MPRA Paper No. 100414, posted 17 May 2020 12:42 UTC Chinese stock market performance in the time of novel coronavirus pandemic Venus Khim-Sen Liew* Faculty of Economics and Business Universiti Malaysia Sarawak [email protected] Chin-Hong Puah Faculty of Economics and Business Universiti Malaysia Sarawak [email protected] Abstract This paper aims to quantify the effect of the deadly novel coronavirus (COVID-19) pandemic outbreak on Chinese stock market performance. Shanghai Stock Exchange Composite Index and its component sectorial indices are examined in this study. The pandemic is represented by a lockdown dummy, new COVID-19 cases and a dummy for 3 February 2020. First, descriptive analysis is performed on these indices to compare their performances before and during the lockdown period. Next, regression analysis with Exponential Generalized Autoregressive Conditional Heteroscedasticity specification is estimated to quantify the pandemic effect on the Chinese stock market. This paper finds that health care, information technology and telecommunication services sectors were relatively more pandemic-resistant, while other sectors were more severely hurt by the pandemic outbreak. The extent to which each sector was affected by pandemic and sentiments in other financial and commodity markets were reported in details in this paper. The findings of this paper are resourceful for investors to avoid huge loss amid pandemic outburst and the China Securities Regulatory Commission in handling future pandemic occurrence to cool down excessive market sentiments.
    [Show full text]
  • Download Article
    Advances in Economics, Business and Management Research, Volume 157 Proceedings of the 8th International Conference on Contemporary Problems in the Development of Economic, Financial and Credit Systems (DEFCS 2020) Stock Market Analysis of China and Foreign Countries Olga Makarova Svetlana Gladkova Yulia Makarova Higher School of Industrial Department of Civil Law and Civil Higher School of Industrial Management and Economics Procedure Management and Economics Peter the Great St. Petersburg St. Petersburg University of the Peter the Great St. Petersburg Polytechnic University Ministry of Internal Affairs of Russia Polytechnic University Saint Petersburg, Russia St. Peterburg, Russia Saint Petersburg, Russia [email protected] [email protected] [email protected] Abstract—The study of the Chinese securities market is of Not surprisingly, in the second half of 1990, the stock market considerable scientific interest due to its rapid development and collapsed. It was evident that the market needed regulation. To limited knowledge of the subject in Russia. In China, as well as regulate it, a decision was made to open the Shanghai Stock in Russia, before the beginning of economic reforms, securities Exchange. markets were practically absent, which is why with the launch of market reforms the country faced the task of forming such a In 1991 there was a new outbreak of growth which lasted market. The main specific feature of building the stock market until 1993. Then stock prices in Shanghai and Shenzhen in China was and continues to be the close supervision by the peaked and then plunged again. It was not until 1996 that the state. For these reasons, exploring the Chinese securities pre-crisis level was recovered.
    [Show full text]
  • An Empirical Comparison of the Major Stock Exchanges: NYSE, NASDAQ and LSE in Perspective
    E-ISSN 2281-4612 Academic Journal of Interdisciplinary Studies Vol 5 No 3 S1 ISSN 2281-3993 MCSER Publishing, Rome-Italy December 2016 An Empirical Comparison of the Major Stock Exchanges: NYSE, NASDAQ and LSE in Perspective MBA Isida Mansaku MSc. Saimir Mansaku Ioannis Tampakoudis, PhD Canadian Institute of Technology, Tirana, Albania Email: [email protected]; [email protected]; [email protected] Doi:10.5901/ajis.2016.v5n3s1p406 Abstract As (Considering that) listing on any exchange provides a great opportunity to the corporates or entrepreneurs for raising capital in order to fund new projects or to undertake expansions or diversifications, we have conducted an empirical research on the largest stock exchanges worldwide, focusing more on New York Stock Exchange, London Stock Exchange and NASDAQ respectively. The main purpose of this study is to provide evidence on the performance of the three exchanges with the emphasis on some key indicators for the period spanning from 2010 to 2014. The analysis conducted on these indicators reflects the progress of the exchanges during this period and provides a great statistical significance. Moreover, the recent trends are tracked down to demonstrate how this valuable source can be channeled into decision making. The findings outline that the stock exchanges are reliable barometers to measure the economic growth of a country and could be beneficial for a range of market participants, such as companies or current and potential investors when selecting a stock exchange, for issuers, and of course for scholars to get a better idea about the important happenings on stock exchanges and to understand the impact that one exchange movement has on other.
    [Show full text]
  • Chinese Stock Market Sector Indices Performance in the Time of Novel Coronavirus Pandemic
    Preprints (www.preprints.org) | NOT PEER-REVIEWED | Posted: 17 May 2020 doi:10.20944/preprints202005.0279.v1 Chinese stock market sector indices performance in the time of novel coronavirus pandemic Venus Khim-Sen Liew* Faculty of Economics and Business Universiti Malaysia Sarawak [email protected] Chin-Hong Puah Faculty of Economics and Business Universiti Malaysia Sarawak [email protected] Abstract This paper aims to quantify the effect of the deadly novel coronavirus (COVID-19) pandemic outbreak on Chinese stock market performance. Shanghai Stock Exchange Composite Index and its component sector indices are examined in this study. The pandemic is represented by a lockdown dummy, new COVID-19 cases and a dummy for 3 February 2020. First, descriptive analysis is performed on these indices to compare their performances before and during the lockdown period. Next, regression analysis with Exponential Generalized Autoregressive Conditional Heteroscedasticity specification is estimated to quantify the pandemic effect on the Chinese stock market. This paper finds that health care, information technology and telecommunication services sectors were relatively more pandemic-resistant, while other sectors were more severely hurt by the pandemic outbreak. The extent to which each sector was affected by pandemic and sentiments in other financial and commodity markets were reported in details in this paper. The findings of this paper are resourceful for investors to avoid huge loss amid pandemic outburst and the China Securities Regulatory Commission in handling future pandemic occurrence to cool down excessive market sentiments. Keywords: Novel coronavirus, COVID-19, SARS-CoV-2, pandemic, Chinese stock market, Exponential Generalized Autoregressive Conditional Heteroscedasticity JEL Classification: G14, G15 1 © 2020 by the author(s).
    [Show full text]
  • Weekly Economic Update
    Electronic News That You Can Use! ONTHLY CONOMIC PDATE M E U June 2018 THIS MONTH’S THE MONTH IN BRIEF In May, investors were left to interpret mixed geopolitical and financial signals. The HIGHLIGHT IS historic U.S.-North Korea summit was on, then off, then possibly on again. An apparent truce emerged in the U.S.-China tariffs battle, but it did not last. Oil rallied, SOCIAL SECURITY but then prices fell. Federal Reserve policy meeting minutes indicated central bank officials would accept above-target inflation for a while. Other economic signals Social Security were clear: new and existing home sales were down, consumer confidence was back benefits can be a up, and consumer spending was strong. In the end, the markets took all this in stride – the S&P 500 rose 2.16% for the month. critical part of your retirement DOMESTIC ECONOMIC HEALTH income. It’s On May 19, Secretary of the Treasury Steven Mnuchin told the media that the U.S.- China trade war was “on hold.” Both nations agreed to refrain from imposing new important to import tariffs, and China announced plans to lower taxes on imported cars and understand how it trucks from 25% to 15%. Ten days later, the U.S. surprised economists, journalists, works and and investors by electing to proceed with the 25% tariffs on $50 billion of Chinese imports it had proposed in April. The Chinese government indicated it was ready to consider carefully institute tariffs in response. On May 31, the Trump administration said that it would when to claim move forward with its planned steel and aluminum tariffs against Mexico, Canada, and the European Union, as well as extend short-term exemptions no further.
    [Show full text]
  • Cornerstone Investors and Initial Public Offerings on the Stock Exchange of Hong Kong
    Fordham Journal of Corporate & Financial Law Volume 14 Issue 3 Article 3 2009 Cornerstone Investors and Initial Public Offerings on the Stock Exchange of Hong Kong Chee Keong Low Follow this and additional works at: https://ir.lawnet.fordham.edu/jcfl Part of the Banking and Finance Law Commons, and the Business Organizations Law Commons Recommended Citation Chee Keong Low, Cornerstone Investors and Initial Public Offerings on the Stock Exchange of Hong Kong, 14 Fordham J. Corp. & Fin. L. 639 (2009). Available at: https://ir.lawnet.fordham.edu/jcfl/vol14/iss3/3 This Article is brought to you for free and open access by FLASH: The Fordham Law Archive of Scholarship and History. It has been accepted for inclusion in Fordham Journal of Corporate & Financial Law by an authorized editor of FLASH: The Fordham Law Archive of Scholarship and History. For more information, please contact [email protected]. CORNERSTONE INVESTORS AND INITIAL PUBLIC OFFERINGS ON THE STOCK EXCHANGE OF HONG KONG Chee Keong Low∗ ABSTRACT The Stock Exchange of Hong Kong had an exuberant year in 2006 when it listed sixty-two companies. The listing of the Industrial and Commercial Bank of China Limited on its Main Board earned the exchange the enviable status of being home to the world’s largest initial public offering. The HK$333.2 billion in initial public offering capital raised during the year propelled it to the position of second among global exchanges, behind London but ahead of New York. This Article examines an increasingly common feature of initial public offerings in Hong Kong, namely, the introduction of “cornerstone investors” whose participation enhances the general receptiveness to a stock offering.
    [Show full text]