CPD Course: The Structure, Pricing and Characteristics of Initial Public Offerings in the Hong Kong Market-place

7 CPD Points (Accredited by The Law Society of Hong Kong)

This seminar focuses on the structure of recent IPOs in China-focused entities within the Hong Kong market setting. Key areas of concern will include discussion of important prospectus disclosure items, the determination of offer prices, the regulation of IPOs, and the after-market liquidity and pricing performance of newly-listed stock. The seminar will also assess the importance of China’s primary and secondary markets (in respect of HKEX, the Shanghai Stock Exchange and the Shenzhen Stock Exchange) relative to other major global markets.

The seminar will also discuss the new HKEX listing rules in relation to WVRs and biotech entities. The seminar will also explore the salient characteristics of the four principal types of issuer drawn to the HKEX market-place. These issuer types comprise mainland PRC-incorporated H-share firms; offshore-incorporated but state-controlled Red-Chips; enterprises controlled by private mainland Chinese founders; and other China-focused entities. In respect of mainland PRC-incorporated entities, the seminar will also examine issuers with associated A-share listings (in Shanghai or Shenzhen) and the pricing gaps that exist between such entities’ A- and H- shares.

The session will also address major capital account liberalization moves over the past several years (QFII, QDII, RQFII), as well as more recent developments, including the Stock Connect schemes. Developments in the offshore Renminbi market and the recent reforms to HKEX Listing Rules will also be examined in relation to their potential impact on the local market’s equity fund-raising function. Finally, consideration will also be given to Chinese entities listing in the US, in American Depositary Share form, and to the role of international exchanges in competing for Fintech issuers.

Event Details

Date: Tuesday, 12 June 2018

Time: 9:00am – 6:00pm

Venue: LexisNexis (3901, 39/F Hopewell Centre, 183 Queen’s Road East, Hong Kong)

CPD: 7 CPD Points (Accredited by The Law Society of Hong Kong)

Level: Intermediate | Language: English

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Our Speaker

Paul B. McGuinness
Tenured Professor, Department of Finance, Chinese University of Hong Kong

He is a Tenured Professor in the Department of Finance at the Chinese University of Hong Kong (CUHK). While on sabbatical leave from CUHK, he has held visiting professorial positions overseas, as well as the position of Head of Research at the Securities and Futures Commission (in 2000). He has also conducted consultancy work pertaining to securities market-related issues in Hong Kong and the Mainland PRC.

He has taught widely in graduate and executive programmes in the UK, Hong Kong, Mainland China, New Zealand and Australia. His research activities are in financial markets, securities analysis and corporate finance. In the last 3 years, he has published 9 papers in internationally refereed journals, with 6 of these in ABS 3 (***) rated journals and two in ABS 4 (****) rated journals. He has been a recipient of the CUHK BA Faculty Outstanding Teacher Award on 3 separate occasions and has also received a Merit Award from CUHK on 2 separate occasions for his work for the MBA programmes.

He obtained a PhD at the University of Leeds (UK), an MPhil Degree at the University of Cambridge (UK) and a B.A. Honours (First Class) Degree at the University of Newcastle (UK).