ASIA-PACIFIC
AUSTRALIA
PEXA AIMS FOR DECEMBER ASX IPOPROPERTY EXCHANGE AUSTRALIA (PEXA) is aiming
to list on the ASX in December after
securing board approval, a person with
KNOWLEDGEûOFûTHEûmOATûHASûSAID
The electronic property settlement
provider, which was on an international
roadshow last week, is expected to seek a
valuation of at least A$1bn (US$712m).
The person said the size of the deal was still
uncertain, but was expected to be “relatively
small” given the current market conditions.
Australia’s benchmark index, the ASX/S&P
200, is down 5.4% this month to-date.
0%8!ûWASûFORMEDûINûûTOûFULlLûTHEû
Council of Australian Governments’
initiative to deliver a national
e-conveyancing solution to the country’s
property industry.
Macquarie is the company’s largest
shareholder with a stake of around 25%,
followed by the Link Group at 19.7%. The
other investors include Little Group and the
four major banks in Australia – Australia
and New Zealand Banking Group,
Commonwealth Bank of Australia, National
Australia Bank, and Westpac.
Macquarie and Morgan Stanley are advising
ONûTHEûmOATCHINA
QINGDAO HAIER COMPLETES FRANKFURT
LISTINGShanghai-listed QINGDAO HAIER priced its
German D-share IPO on Friday at €1.05, after
revising the price range to €1.00–€1.21 pershare the previous day. Original guidance
was €1.00–€1.50.
Although books for the transaction were
covered in the revised range, the Chinese
APPLIANCEûMAKERûBRIEmYûREOPENEDûTHEû
institutional book on Friday and advised
investors that orders placed below €1.05
risked missing out.
The base deal of 265m shares raised
€278.25m. There is a greenshoe of 15%,
which would boost proceeds by €41.7m if
fully exercised.
The stock is due to start trading on
October 24.
The narrowed price range represented a
discount of 28%–68% to Haier’s A-share close
of Rmb13.40 on October 18.
Three cornerstone investors took a
combined €137.75m of the deal. Silk Road
Fund purchased 55m shares, while Camry
Investment and Rechi Precision took stock
totalling €60m and €20m, respectively.
Haier’s Frankfurt listing introduces a new
class of equities for Chinese companies.
D-shares, similar to Hong Kong-listed
H-shares, are new instruments being touted
by the China Europe International
Exchange, a joint-venture trading platform
that the Shanghai Stock Exchange, China
Financial Futures Exchange and Deutsche
Boerse created in November 2015.
Deutsche Bank was sole global coordinator
and joint bookrunner with CICC, JP Morgan
and UBS.
Haier intends to use the proceeds to part-
fund the planned acquisition of Italian
home appliance maker Candy, expand the
production capacity of smart appliances and
its marketing channels to promote brand
recognition with a focus on Europe, as well
as for research and development.INNOVENT BIOLOGICS LAUNCHES HK IPOBiopharmaceutical company INNOVENT
BIOLOGICS has started bookbuilding for a Hong
Kong IPO of up to HK$3.3bn (US$422m).ASIA-PACIFIC EQUITIES
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 Morgan Stanley 77 15,517.03 8.0
2 Goldman Sachs 67 13,849.32 7.2
3 Citigroup 79 11,894.12 6.1
4 UBS 57 11,083.18 5.7
5 CICC 26 9,193.92 4.7
6 BAML 24 8,266.92 4.3
7 JP Morgan 41 8,017.59 4.1
8 Citic 43 6,344.92 3.3
9 Credit Suisse 39 6,111.18 3.2
10 Nomura 67 4,356.23 2.2
Total 1,919 193,622.54
Including all domestic and international deals and rights issues
Source: Refinitiv SDC code: C4a1ASIA-PACIFIC EQUITIES (EX-JAPAN)
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 Morgan Stanley 54 13,263.42 7.8
2 Goldman Sachs 65 11,634.54 6.8
3 Citigroup 73 11,362.60 6.7
4 UBS 54 10,810.40 6.4
5 CICC 26 9,193.92 5.4
6 BAML 20 7,396.79 4.3
7 Citic 43 6,344.92 3.7
8 Credit Suisse 38 5,938.05 3.5
9 JP Morgan 36 5,085.44 3.0
10 China Securities Co 28 3,813.95 2.2
Total 1,739 170,151.49
Including all domestic and international deals and rights issues
Source: Refinitiv SDC code: C4a2WEEK IN NUMBERS
329%
TERRY SMITH’S LATEST PROJECT
SECURED BACKING OF A LITTLE OVER
US$1bn (£822.5m) AS INVESTORS
FLOODED THE IPO OF SMITHSON
INVESTMENT TRUST. THE FUND IS A MINI
VERSION OF ITS MANAGER FUNDSMITH
AND HAD LAUNCHED WITH A TARGET OF
£250m WITH FINAL PROCEEDS 329% OF
THAT LEVEL
US$19.65bn
UBER’S FLOAT IS EXPECTED TO BE
ONE OF THE LARGEST IN HISTORY. THE
US$19.65bn VISA IPO IS THE LARGEST
EVER FOR A US COMPANY, WHILE
ALIBABA’S US$25bn IS THE LARGEST
GLOBALLY WHEN THE CHINESE COMPANY
LISTED ON NYSE
Five
TWO-THIRDS OF THE IPO OF ITALIAN
PLASTICS INDUSTRY SUPPLIER
PIOVAN WAS ALLOCATED TO JUST FIVE
INVESTORS. BANKERS HAVE REACTED
TO THE CHALLENGING ENVIRONMENT
FOR EUROPEAN IPOs BY CONCENTRATING
ALLOCATIONS EVEN MORE THAN
USUAL, WITH 85% OF THE NEOEN
IPO ALSO LAST WEEK GOING TO 20
INVESTORS
One-third
WARREN BUFFETT’S BERKSHIRE
HATHAWAY HAS COMMITTED TO BUY NEARLY
ONE THIRD OF THE SHARES IN SAO PAULO-
BASED PAYMENT PROCESSOR STONECO’S
UPCOMING US$1.1bn NASDAQ IPO
US$441m
MORGAN STANLEY’S THIRD-QUARTER
EARNINGS OF US$441m WERE UP 62%
YEAR-ON-YEAR, TOPPING GOLDMAN
SACHS’ US$432m AND JP MORGAN’S
US$420m FOR THE SAME PERIOD
051015202530US
2008
VisaHong Kong
2010
AIAChina
2006
ICBCChina
2010
Agricultural
Bank of
ChinaChina
2014
Alibaba
GroupUS$bn