Q. If you are interested to IPO in HONG KONG, or you want to pitch to Hong Kong Investors, pm Robert.

  • Nine out of 10 Chinese technology companies favoured Hong Kong after listing reform; this number is now down to five out of 10, says US bank
  • Hong Kong still No. 1 IPO market worldwide in terms of funds raised by all companies in first nine months this year


Hong Kong emerged as first choice after the city’s bourse operator, Hong Kong Exchanges and Clearing, in April carried out its biggest reform in 25 years, according to John Hall, co-head of investment banking coverage and technology, media and telecommunications (TMT), Asia-Pacific at JPMorgan, the largest bank in the US in terms of assets.

The post listing performance of these companies shows Hong Kong does not have a deep pool of investors like the US,” he said.

But share performance has been disappointing. Four out of the five companies that listed under the new rules either reporting a flat trading debut, or fell on their first trading day, according to Bloomberg. Long-term investors too have lost out, with five stocks falling 20-56 per cent below their listing prices.

“The market performance of some of these IPOs in Hong Kong was hit hard by volatility. This has led some Chinese technology companies to opt for listing in the US, where there is a deeper investor base for technology companies,” said Hall.

He said the US was also more flexible when it came to pricing an IPO and successfully executing smaller deals. “In the US, a small offering of US$200 million is completely doable. Hong Kong tends to require larger sized offerings,” said Hall.

But Hong Kong has the potential to catch up. “Hong Kong investors understand the China market better than US investors, although they have less knowledge of the technology sector and less experience valuing fast-growing businesses,” said Hall.

Hong Kong reclaimed the crown of No. 1 IPO market worldwide in terms of funds raised by all companies in the first nine months this year. But US exchanges raised US$18.31 billion year to date until Friday through 49 TMT flotations. Over the same period, Hong Kong raised US$14.67 billion through 29 TMT listings.

Jennifer Nason, global chairman for investment banking at JPMorgan, was optimistic about the IPO market and said next year onwards a number of blockbuster technology IPOs, including those of Uber, Ant Finance and Lufax, could take place.


RATING:  #RobertReview (IPO, Hong Kong):  8.5 | 10

Published: 29th November 2018.



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