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.