ASIA-PACIFIC
CHINA
CGN POWER PLANS JUMBO A-SHARE IPO(ONGû+ONG
LISTEDûCGN POWER is set to
conduct price consultations on August 6
FORûAû2MBBNû53BN û3HENZHENû)0/ û
the biggest A-share IPO in more than a
year.
China’s largest producer of nuclear
power will set the issue price for the
domestic listing on August 9 and open
books for a day on August 12.
If the deal comes to fruition, it will be
the largest A-share IPO since the
Rmb27.1bn Shanghai listing of Foxconn
Industrial Internet in June 2018.
CGN Power plans to sell up to 5.05bn
A-shares or about 10% of its enlarged
capital to strategic, institutional and retail
investors. Strategic investors will be locked
up for 12–36 months, and 70% of the
shares in the institutional tranche will be
locked up for six months.
Proceeds will be used to build
nuclear power units in Guangdong and
Guangxi provinces and for working
capital.
State-owned China General Nuclear
Power Group is the biggest shareholder in
the company with a 64.2% stake.
CICC is the sponsor and joint
bookrunner with China Development Bank
Securities, China Securities and Minsheng
Securities.
CGN Power’s H-shares were up 1.8% at
(+ûONû*ULYûûEVENûASûTHEû(ANGû3ENGû
index was down 1.3%. The stock is up 22%
in the year to-date.
û#'.û0OWERûRAISEDû(+BNû
53BN ûFROMûITSû(ONGû+ONGû)0/ûINû
December 2014.SMOORE TECH PLANS HK IPOSHENZHEN SMOORE TECHNOLOGY, one of the
world’s largest e-cigarette makers, is
PLANNINGûTOûLISTûINû(ONGû+ONGûTOûRAISEûABOUTû
US$300m–$400m, people close to the deal
have said.
4HEûCOMPANYûISûEXPECTEDûTOûlLEûAûLISTINGû
application as early as the current quarter,
according to the people.
3MOOREûSAIDûINû!PRILûITûWOULDûlLEûTOûDELISTû
from the China National Equities Exchange
ANDû1UOTATIONSûASûITûPLANNEDûTOûmOATûITSû
shares on another exchange. It did not
disclose where it intended to list.
The company delisted from NEEQ on
June 5.
3MOOREûPOSTEDûAûNETûPROlTûOFû2MBMû
(US$117m) in 2018, a 255% year-on-year
increase, on revenue of Rmb3.4bn. Its net
PROlTûWASû2MBMûINûTHEûlRSTûQUARTERûOFû
2019.
The company’s listing plan comes at a
time when attitudes to e-cigarettes are
changing in China.
State-run China Central Television
criticised e-cigarettes in its coverage of
#HINAû#ONSUMERû2IGHTSû$AYûINû-ARCHû4HEû
3HENZHENûGOVERNMENTûISûALSOûCONSIDERINGû
including e-cigarettes under its tobacco
controls.
-ANYûOFû3MOORESûCLIENTS ûHOWEVER ûAREû
overseas companies. Its top three clients,
Jupiter Research, Japan Tobacco and
2EYNOLDSû!SIA
0ACIlC ûACCOUNTEDûFORûABOUTû
32% of sales in 2018.CANAAN FILES CONFIDENTIALLY FOR
US FLOATCANAAN, a Chinese bitcoin mining equipment
MAKER ûHASûlLEDûCONlDENTIALLYûFORûAû53û)0/û
of around US$200m, according to people
with knowledge of the matter.
The company aims to launch the IPO in
September, one of the people said. Citigroup
and Credit Suisse are working on the deal.ASIA-PACIFIC EQUITIES
BOOKRUNNERS: 1/1/2019 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 Morgan Stanley 59 8,915.78 9.3
2 Goldman Sachs 29 5,445.51 5.7
3 UBS 39 4,964.37 5.2
4 JP Morgan 31 4,654.58 4.8
5 Citic 32 4,533.80 4.7
6 Citigroup 40 3,765.92 3.9
7 CICC 35 3,704.85 3.8
8 Credit Suisse 33 2,951.05 3.1
9 BAML 15 2,798.56 2.9
10 Nomura 33 2,756.85 2.9
Total 1,162 96,307.75
Including all domestic and international deals and rights issues
Source: Refinitiv SDC code: C4a1ASIA-PACIFIC EQUITIES (EX-JAPAN)
BOOKRUNNERS: 1/1/2019 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 Morgan Stanley 45 7,191.91 8.4
2 Goldman Sachs 26 5,324.28 6.2
3 UBS 37 4,817.35 5.6
4 Citic 32 4,533.80 5.3
5 JP Morgan 30 3,857.47 4.5
6 Citigroup 38 3,736.62 4.4
7 CICC 35 3,704.85 4.3
8 Credit Suisse 31 2,673.13 3.1
9 BAML 13 2,529.15 3.0
10 Haitong Securities 39 2,274.06 2.7
Total 1,075 85,603.68
Including all domestic and international deals and rights issues
Source: Refinitiv SDC code: C4a2WEEK IN NUMBERS
Ð74%
ASTON MARTIN LAGONDA SHARES
SLUMPED TO NEW LOWS LAST WEEK WHEN
THE CARMAKER RELEASED FIRST-HALF
RESULTS, EVEN AFTER WARNING ON
SALES AND OUTLOOK THE PREVIOUS
WEEK. SHARES CLOSED ON WEDNESDAY
AT 498P, DOWN 74% FROM THE £19 PER
SHARE PRICING OF ITS OCTOBER 2018 IPO.
BY COMPARISON, AUCTION PRICES OF THE
ICONIC ASTON MARTIN DB5 HAVE RISEN
OVER THE SAME PERIOD
A$211m
IRISH SOFTWARE COMPANY FINEOS IS
SET TO RAISE UP TO A$211m (US$146m)
FROM AN ASX IPO WHICH, IF SUCCESSFUL,
WOULD BE THE BIGGEST IN AUSTRALIA SO
FAR THIS YEAR. THE CHOICE OF LISTING
VENUE REFLECTS THE FOOTPRINT OF ITS
CUSTOMER BASE. FINEOS GENERATED
53% OF 2018 REVENUES IN AUSTRALIA
AND NEW ZEALAND AND SERVES SIX OF
THE 10 LARGEST LIFE, ACCIDENT AND
HEALTH INSURERS IN AUSTRALIA AND
PROCESSES 100% OF ACCIDENT CLAIMS IN
NEW ZEALAND
Nine
SPANISH CONSTRUCTION GROUP ACS HAS
HIRED NINE BANKS TO LEAD THE IPO OF ITS
RENEWABLE ENERGY BUSINESS ZERO-E. THE
DEAL COULD RAISE €1bn AND IS EXPECTED
TO COMMAND INVESTORS’ ATTENTION AS A
PURE-PLAY RENEWABLE STOCK
US$160
PRICING OF US$160 PER SHARE ON
THE FIRST FOLLOW-ON IN BEYOND MEAT
WAS WELL SOUTH OF THE PREVIOUS
WEEK’S RECORD HIGH OF US$239.71.
THE FILE-TO-OFFER DISCOUNT WAS A
HEFTY 28%, THOUGH THE PRICING IS
540% ABOVE MAY’S IPO
0204060801001202/10/182/11/182/12/182/1/192/2/192/3/192/4/192/5/192/6/192/7/19
AML share price (rebased to 100)
DB5 UK auction sales (rebased to 100)