Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

*Exemption Could Add To IPO Pipeline: Mainland China is planning to exempt companies seeking to list on Hong Kong Exchanges &amp; Clearing (388.HK) [HKEX] from first seeking approval from the Cyberspace Administration of China (CAC). The idea behind the exemption is mainland Chinese Hong Kong IPOs were already subject to higher scrutiny and approval from the China Securities Regulatory Commission (CSRC); and *Risks Are Increasing: In addition to an extended valuation when ADT has begun to turn and having a new CEO with no exchange experience, HKEX needs to contend with the government’s examination of a stamp duty increase and mainland China’s contemplation of a new stock exchange to attract overseas-listed firms (including Hong Kong) which will bolster Shanghai’s status as a global financial center.

*Exemption Could Add To IPO Pipeline: Mainland China is planning to exempt companies seeking to list on Hong Kong Exchanges &amp; Clearing (388.HK) [HKEX] from first seeking approval from the Cyberspace Administration of China (CAC). The idea behind the exemption is mainland Chinese Hong Kong IPOs were already subject to higher scrutiny and approval from the China Securities Regulatory Commission (CSRC); and *Risks Are Increasing: In addition to an extended valuation when ADT has begun to turn and having a new CEO with no exchange experience, HKEX needs to contend with the government’s examination of a stamp duty increase and mainland China’s contemplation of a new stock exchange to attract overseas-listed firms (including Hong Kong) which will bolster Shanghai’s status as a global financial center. 

Hong Kong Exchanges & Clearing – Take It When You Can Get It

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

After the Hong Kong markets closed on Wednesday, <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a> announced a surprising unsolicited bid for the <a href="https://www.smartkarma.com/entities/london-stock-exchange-group" target="_blank" data-smartkarma-citation="entities:22034:1" rel="noopener">London Stock Exchange (LSE LN)</a>. The bid which consists of 2,045p in cash and 2.495 HKEX shares, values LSE at 8,361p per share and an EV of £31.6 billion. On the back of the bid, LSE shares jumped as high as 16% before settling back down to 7,218p, up 6%. <div class="content-highlight">HKEX’s move is sensible based on creating a world-leading market infrastructure group, harnessing LSE’s intellectual property and increasing the volumes of UK-China listings. While LSE’s Board will evaluate the proposal, we believe the likelihood for a successful HKEX bid is relatively low. </div>

After the Hong Kong markets closed on Wednesday, HKEX (388 HK) announced a surprising unsolicited bid for the London Stock Exchange (LSE LN). The bid which consists of 2,045p in cash and 2.495 HKEX shares, values LSE at 8,361p per share and an EV of £31.6 billion. On the back of the bid, LSE shares jumped as high as 16% before settling back down to 7,218p, up 6%. HKEX’s move is sensible based on creating a world-leading market infrastructure group, harnessing LSE’s intellectual property and increasing the volumes of UK-China listings. While LSE’s Board will evaluate the proposal, we believe the likelihood for a successful HKEX bid is relatively low. 

United Arab Emirates

Dubai Financial Market PJSC is a stock exchange located in Dubai, United Arab Emirates.

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Dubai Financial Market PJSC (DFM UH)

Hong Kong Exchanges & Clearing – Take It When You Can Get It

HONG HONG EXCHANGES & CLEARING: Mainland China is planning to exempt listings on HKEX from seeking CAC approval, as Mainland IPOs are subject to...

Thomas J. Monaco

HKEX’s Phantom LSE Bid

After the Hong Kong markets closed on Wednesday, HKEX (388 HK) announced a surprising unsolicited bid for the London Stock Exchange (LSE LN). The...

Arun George

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