LexisNexis IPO Conference: The Structure, Pricing and Characteristics of Initial Public Offerings in the Hong Kong Market-place

Course Outline

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.

Course Schedule

Date: 12 June 2018 | Time: 0900 - 1800 | Fee: HKD3,500

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

Mr. Paul B. McGuinness        The Structure, Pricing and Characteristics of Initial Public Offerings in the Hong Kong Market-place
  • Global comparison of leading primary and secondary market
  • Background statistical comparison of China’s equity markets: HKEX, SHSE & SZSE
  • Overview of the principal types of Chinese issuer on HKEX
  • Motivations for IPO, the role of pre-IPO and Cornerstone Investors, and issuers’ governance characteristics
  • Analysis of recent IPOs organized on HKEX
  • Trends in the listing of Chinese issuers in markets outside the mainland PRC and Hong Kong: American Depositary Shares in the US and stock listings in wider Asia and Europe
  • Market and regulatory developments in relation to IPOs
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