Vietnam 

Agribank must go IPO by 2020, clear all bad debts – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Deputy Minister Huệ addresses a working visit to state-run Agribank on Monday. He demanded Agribank launch an Initial Public Offerings (IPO) by 2020. — Photo anninhthudo.vn Viet Nam News HÀ NỘI — The Vietnam Bank for Agriculture and Rural Development (Agribank) must resolve all non-performing loans kept at the Việt Nam Asset Management Company (VAMC) soon, said deputy PM Vương Đình Huệ. Huệ made the statement during his working visit to the state-run bank on Monday. He also demanded Agribank to launch an Initial Public Offering (IPO)…

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Hong Kong’s accountancy firms raise their headcounts as IPO bonanza, fintech boom boost business

Hong Kong’s accountancy firms plan to hire more people this year, despite the economic slowdown, amid increased demand for consultancy services and a rise in IPOs which require auditing, according to industry experts. The Hong Kong Institute of Certified Public Accountants (HKICPA), the industry body for the 43,000 accountants in the city, said about 1,300 candidates had enrolled for its training programme in the past five years, with the number growing between 3 and 4 per cent each year. “This year is likely to be a year of expansion for…

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Shares in telecoms giant China Tower rise as IPO lock-up period ends. But will it be the exception or the rule this year?

The lock-up period for shares held by cornerstone investors in China Tower, the world’s largest telecoms tower operator, expired on Friday. The Beijing-based company listed in Hong Kong for HK$54.3 billion (US$6.9 billion) in August, making it the city’s largest initial public offering in 2018. Its 10 cornerstone investors, which include Hillhouse Capital, Och-Ziff Capital Management Group and Alibaba Group Holding, which owns the South China Morning Post, bought a combined US$1.4 billion worth of shares during its flotation, according to Bloomberg. Xiaomi stock suffers two-day plunge as chairman Lei…

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Can Hong Kong keep its title as the world’s hottest IPO market? Here’s its game plan

Last year, Hong Kong’s savvy wooing of hi-tech superstars helped make it home to the world’s largest IPO market. Now the city’s stock exchange operator is going after a new crowd: US and UK-listed firms open to secondary listings, as well as capital-hungry companies in Southeast Asia eager to go public. Laura Cha Shih May-lung, chairwoman of the Hong Kong Exchanges and Clearing, said she expects competition from mainland China, which is launching a new hi-tech board in Shanghai to try to entice its top tech players to list at…

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Hong Kong stock market moves ahead with paperless IPO plan

The Hong Kong stock exchange plans to become a fully electronic and paperless bourse, starting with the process for initial public offerings from 2022, according to a consultation paper issued on Monday. Bourse operator Hong Kong Exchanges and Clearing, the city’s Securities and Futures Commission and the Federation of Share Registrars are collecting views on the proposal until April 27. Confirming a report by the South China Morning Post two weeks ago, the plan is aimed at making Hong Kong’s stock market more competitive and brings it in line with…

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Chinese cryptocurrency exchanges seek reverse mergers in Hong Kong as IPO plans of bitcoin mining rig makers falter

The world’s biggest cryptocurrency exchanges are looking at reverse mergers in Hong Kong, as hopes dim for bitcoin mining rig makers’ plans to go public in the city. The back-door listing efforts have come to light amid the reluctance of the Hong Kong stock exchange to approve the initial public offering (IPO) applications of companies involved in the underregulated cryptocurrency industry, according to people with knowledge of the matter. Charles Li Xiaojia, chief executive of the Hong Kong Exchanges and Clearing, said on Wednesday that companies seeking to go public…

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Hong Kong exchange head clarifies listing rules as IPO hopes dim for cryptocurrency giant Bitmain

Companies seeking to go public in Hong Kong should show consistency in their business models, according to Hong Kong Exchanges and Clearing (HKEX) chief executive Charles Li Xiaojia, who was speaking on the sidelines of the World Economic Forum in Davos on Wednesday. His comments were in response to media questions about the status of IPO applications from the world’s biggest makers of cryptocurrency mining rigs – Bitmain Technology, Canaan Creative, and Ebang International Holdings. The three Chinese companies filed to go public in Hong Kong last year but a…

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China’s top movie ticketing app Maoyan extends IPO date, names Xiaomi as cornerstone investor

Maoyan Entertainment, China’s largest movie ticketing app backed by Tencent and Meituan, has extended its IPO subscription period and put off its listing date to February 4. It also named three new cornerstone investors, including a US$2.6 million of investment from Xiaomi. The Beijing-based company, with Tencent Holdings as its second-biggest shareholder, will extend its IPO book close date to “on or about January 25” from the original date of January 24, after which it will stop taking orders from international institutional investors, according to a renewed term sheet obtained…

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China’s largest movie ticketing app Maoyan, backed by Tencent, to raise up to US$350 million in Hong Kong IPO

Maoyan Entertainment, China’s largest movie ticketing app backed by the country’s biggest social network operator and games publisher, is planning to raise funds through an initial public offering in Hong Kong. The Beijing-based company, with Tencent Holdings as its second-biggest shareholder, plans to sell 132.377 million shares of between HK$14.8 and HK$20.4 per share, raising up to HK$2.7 billion (US$350 million) in capital, according to a term sheet obtained by the South China Morning Post. Maoyan’s fundraising plan comes after a 14 per cent decline in Hong Kong’s benchmark stock…

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Hong Kong stock exchange plans to scrap paper IPO applications in a bid to be more competitive, say sources

Hong Kong’s stock exchange is aiming to cement its position as the world’s leading IPO market by cutting out the paperwork, sources revealed. It plans to take a major step towards becoming an entirely paperless bourse by shifting to a fully electronic subscription process for initial public offerings, according to two people familiar with the situation. The move, aimed at making the city’s stock market more competitive, would dramatically speed up the process, cutting the delay between the close of an IPO and the first trading day, said the sources,…

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