Hong Kong Stock Exchange (HKSE)

China AI startup to file for Hong Kong IPO soon despite ongoing protests

(Aug 23): Chinese artificial intelligence startup Megvii is filing documents soon for a Hong Kong initial public offering that could raise as much as US$1 billion, people familiar with the matter said, proceeding despite a market downturn spurred by pro-democracy protests across the financial hub.

The owner of facial-recognition platform Face++ plans to submit an IPO filing to the Hong Kong Stock Exchange as soon as Friday, one of the people said, asking not to be named because the matter is private. Megvii declined to comment.

What's behind Alibaba’s quest to raise US$30 billion?

SINGAPORE (Aug 12): Why would a hugely profitable, cash-flush firm raise more money than has ever been raised by a listed company? That is the question befuddling investors. Hangzhou-based, New York-listed e-commerce behemoth Alibaba Group Holding, China’s largest company by market capitalisation, currently has nearly US$30 billion ($41.46 billion) in cash and cash equivalent on its balance sheet. Two months ago, Alibaba filed with Hong Kong’s Securities and Futures Commission to raise at least US$20 billion more in a secondary listing in Hong Kong later this year.

What's behind Alibaba’s quest to raise US$30 billion?

SINGAPORE (Aug 12): Why would a hugely profitable, cash-flush firm raise more money than has ever been raised by a listed company? That is the question befuddling investors. Hangzhou-based, New York-listed e-commerce behemoth Alibaba Group Holding, China’s largest company by market capitalisation, currently has nearly US$30 billion ($41.46 billion) in cash and cash equivalent on its balance sheet. Two months ago, Alibaba filed with Hong Kong’s Securities and Futures Commission to raise at least US$20 billion more in a secondary listing in Hong Kong later this year.

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CNMC Goldmine's dual listing plans rejected by Hong Kong Stock Exchange

SINGAPORE (Dec 24): CNMC Goldmine Holdings says plans for a dual primary listing in Hong Kong has been rejected by the Mainboard of the Hong Kong Stock Exchange (HKSE).  

This comes after the group’s application was reviewed by the exchange’s listing committee and ultimately, deemed unsuitable as CNMC’s market capitalisation failed to meet the requisite minimum of sum of HK$500 million ($87.7 million).

As at Dec 14, CNMC’s shares closed at 19.8 cents with a market cap of $80.7 million or about HK$458 million.

The world's top IPO venue for 2018 sees worst returns in decade

(Dec 19): Hong Kong is host to the world’s busiest venue for initial public offerings this year. And the worst losses in a decade.

A boom in technology listings has propelled local deal value to US$35.7 billion ($49.1 billion), ahead of the New York Stock Exchange, according to data compiled by Bloomberg. Yet companies that raised at least US$100 million dropped 6.2% in their first month of trading on average, the worst return since 2008. Weighted by IPO size, losses reached a record 6.9%, according to data going back to 1994.

Is Xiaomi's IPO worth a punt?

SINGAPORE (June 25): Xiaomi Corp has planned its initial public offering (IPO) since last year and in Dec 2017, it was reported that the group was seeking a valuation of about US$50 billion ($67.4 billion).

See: Xiaomi seeks valuation of at least US$50 bil in IPO

This has since changed and now the group plans to raise around US$6 billion at HK$17-22 per share, still making it the world’s largest tech listing since Alibaba in 2014.

Will Serial System's HK spinoff give it the valuation it seeks?

SINGAPORE (June 22): Electronic parts distributor Serial System is set to spin off its Hong Kong subsidiary, Serial Microelectronics (HK), in a listing on the Stock Exchange of Hong Kong. 

The listing, which was approved at an extraordinary general meeting on April 6, will cut Serial System’s stake from 91% to 68.25%. 

Serial System estimates that the subsidiary, which distributes electronic parts within Greater China, will have a minimum market value of US$220 million ($299 million) upon listing.

LHN raises HK$79.8 mil in dual-listing on Hong Kong Stock Exchange

SINGAPORE (Dec 28): Real estate management services group LHN has raised HK$79.8 million ($13.7 million) in total gross proceeds from its public offering of shares on the Hong Kong Stock Exchange.

LHN offered a total of 42.0 million new shares at HK$1.90 each. Upon completion, the offer shares represent approximately 10.4% of the enlarged share capital of the company.

The group says it plans to use the net proceeds of approximately HK$46.5 million to grow its business operations.

ISDN Holdings enters strategic partnership with Hong Kong-listed solar manufacturer

SINGAPORE (May 25): Integrated engineering solutions provider ISDN Holdings has entered into a strategic cooperation framework agreement with Comtec Solar Systems Group, a solar energy player listed on the Hong Kong Stock Exchange (HKSE).  

ISDN is listed on both the Mainboard of the Singapore Exchange (SGX) as well as the HKSE. The group’s core business is in motion control and engineering solutions, with experience in serving various industries including solar energy.

A 9,800% stock increase exposes Hong Kong's billionaires on paper

Pan Sutong

HONG KONG (April 18): They are classic Hong Kong stories: people who, in a blink, became stock-market billionaires. But exactly what’s behind much of this wealth is something of a mystery.

Take Wong Wing-wah, who used to be a fishmonger before starting a civil engineering firm. He took his company public last year -- and its stock then soared 9,800%. Wong and a partner, who together own nearly all of the stock, are each now worth roughly US$1 billion ($1.4 billion).

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