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DEALTALK-Hong Kong investors snub flurry of "introduction" listings (Oct 11, 2011)
Investors aren't buying thestring of companies listing in Hong Kong through a rare methodinvolving a market debut without raising money. The method is technically known as "listing byintroduction," though some use a different term. "Expensive marketing," is what one investment banker calledit. Designed to raise a company's profile among investors andprovide a headstart for any future fundraising, the introductionlistings have had limited success. Trading activity has beenweak, with zero trades for a week in some cases. Four companies listed in Hong Kong by way of introduction inthe past three weeks alone, compared with seven for all of lastyear. U.S.-based luxury group Coach Inc said it planssuch a listing by the end of the year, while a local mediareport also put French banking group BNP Paribas as acandidate for an introduction listing. Unlike typical IPOs, companies listing stock by introductionraise no capital and issue no new shares, which limits theirappeal to investors. Listing by introduction has become popular among companieslooking to build a brand in Hong Kong and the rest of GreaterChina, where just about every major industry has seen massivegrowth during the last five years. Having a traded stock allows them to boost their profileamong investors and the public in Hong Kong, the region'sfinancial hub and the world's busiest IPO market for the lasttwo years. It also allows a company to establish a presencewithout the risks of flopping an IPO in a volatile market. SETTING A PLATFORM Since 2000, when Hong Kong Exchanges & Clearing itself listed by way of introduction, 48 companies took the samepath. Last year alone, seven companies listed in Hong Kong byintroduction, including Brazilian mining giant Vale . "The listing by introduction allows them to have a platformto raise money if they need to, without going through the IPOprocess again," said Kester Ng, head of equity capital andderivatives markets for Asia Pacific at JPMorgan, whichsponsored the Vale listing. "Placements can be done morequickly." The pace has picked up, with four listings since late June,including handbag maker Lee & Man Handbags ,Singapore-based shipping company Courage Marine Group Ltd and circuit board maker Elec & EltekInternational . London-listed mining company Kazakhmys Plc , which originally planned a $200 million Hong Kongoffering, opted instead for a listing by introduction because ofa slump in global markets. "This listing will help raise our profile in the region'smajor financial centre and will support the future developmentof our business by providing access to a much wider group ofinvestors," Oleg Novachuk, chief executive of Kazakhmys, said ina statement last month. For companies looking to increase their profile among Asianinvestors a secondary listing or listing by introduction in HongKong could be less expensive than doing an IPO, but it doesn'tcome cheap. Vale spent $11 million to list Hong Kong Depositary Receipts(HDRs) in December, while Prudential plc estimated costs of 5 million pounds ($8 million) for its listinglast year. More recently, Kazakhmys said its listing cost about $10million, while handbag maker Lee & Man Handbags spent HK$15million ($1.9 million). Spending slightly more in fees than Vale, Prudential andKazakhmys, Toronto-listed coal miner SouthGobi Energy Resources raised about $390 million in a listing in HongKong last year that had Temasek Holdings and sovereignwealth fund China Investment Corp (CIC) as cornerstoneinvestors. The company paid an estimated $13.7 million in fees. Brand awareness aside, if the listing generates littleinterest from investors, is the deal worth the time, energy andmoney spent? "At the end of the day, it's a question of liquidity andcreating a market. Just listing shares without offering anystock to investors -- that doesn't make any sense at all," saidPhilippe Espinasse, a former investment banker with Nomura, UBSand Macquarie in Hong Kong and author of "IPO: a Global Guide". "Recent examples in Hong Kong show that it just doesn'twork," he added. Given the thin volumes of Vale, Prudential and othercompanies, the listings haven't drawn too many investors.Trading in Prudential in Hong Kong dwindled to 4,500 shares onFriday from a daily average of 146,595 in its first month afterlisting last year. Vale, among the most widely traded stocks inBrazil, had no trading for HDRs representing its preferredshares for seven straight sessions. "Because IPO volumes are much bigger in Hong Kong thananywhere else at the moment, people think that by getting alisting here they will be able to attract investors, but thereality is that without offering a substantial amount of stockto the market it's just not going to achieve anything,"Espinasse added.($1 = 0.624 British Pounds)($1 = 7.794 Hong Kong Dollars) (Editing by Michael Flaherty and Lincoln Feast)
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There was never a thought of applying for unemployment, instead opening a line of credit on the good will of the Dellert Paint store, and knocking on doors, painting houses and apartments to support my family (Jan 01, 1970)
Now jobless, my first child on the way, and jobs as scarce as hen's teeth. There was never a thought of applying for unemployment, instead opening a line of credit on the good will of the Dellert Paint store, and knocking on doors, painting houses and apartments to support my family. Then as winter approached with painting jobs coming to an end, I was hired to drive a truck for $4. 50 an hour, having been chosen out of over a hundred applicants, becoming one of the luckiest days in my life.
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Vacationer Ideas Regarding Luxury Hotels, Having A Blast And Other Stuff To Enjoy (Sep 18, 2011)
Flights for TouristsMiami has long been a tourists paradise, greatly admires for its beauty and its moderate climate. Special packages are available by Air Liners for the people who are traveling in Miami flights for the purpose of tourism. Pre flight and post flight and even in flight information exclusively for tourists have always been a center of special attraction by travelers. Travelers enjoy activities such as windsurfing, deep-sea fishing, surfing and boating. Easy on the pocket, the Miami deals helps you to make the vacation of your own type. Though total direction for vacationers is available at airliner e-portals, still there are expert travel agents roaming around and persuading vacationers for taking their company services for tour of Miami. Some of the popular packages include air flight return tickets plus hotel stay for many persons. For making your tour more exciting and knowledgeable, local guide also some times accompany you during tour. So tips are available every where, you just need to pack your bags and click on reservation button, rests travel agents will make you to learn everything. Air carriers from Africa at MiamiSouth African Airlines is leading the race of airlines of African region which are operating between Miami and Africa. It can be a domestic linked or rather international air travel to Cape Town, to Durban, to Johannesburg or anywhere in Africa. There are only 3 major flights from Miami to AfricaThese are The South African Airways, Delta Airlines and British Airways. There is no direct flight and all of the flights make 2 stops before getting to their destination. Some of the cities which are included in route are Washington, New York, Baltimore and Johannesburg before reaching respective destinations. With each stop you have to switch flights but this is normal for long flights. In terms of cost of tickets, South Africa Airways is cheaper then rest of its two compatriot. The air travel to between South Africa and Miami in average is about 20 hours long. Student package for Air travelWith Miami flights youth travel discounts you'll save on youth airfares and youth hostels. That means that you can bring your friends too. You should be an adult student to proceed for your trip to Miami. Usually air fares for students are not economical, but one need to do little search before purchasing a student air package. Many online companies offers students packages on discounted rate, but verification for studentship is always done by these companies. Not only do students deserve a student discount, they deserve better terms. Careful planning and struggle is needed for availing the best student package. Student packages not like adult packages, which one taken cant be undone or change. Make sure you inspect every package thoroughly before you make a final decision on it. Flight Operators from Europe to Miami (cargo)Europe is always being a center for attraction for cargo activitiesOld sea and land routes between America and Europe have now evolved in air routes. So, Cargo flights have much significance in this regard. Many business relating activities are carried out through Miami Airport making it 2nd busiest airport in terms of cargo flights. Major airlines which have their flight engaged in cargo services are Cargolux Houston-Intercontinental, LAN Cargo, and Martinair Cargo. Luxembourg, London, Amsterdam, Paris, Brussels, Madrid, Rome and Buenos Aires-Ezezia are major cities which have direct trade relations at Miami. Tampa Cargo, a Colombian based company operates at Miami Int Airport and every year it successfully generates more than 10,000 tons of cargo. Italy had operated route for two roundtrip operations per week, with nearly 7,000 tons goods transported during 2008, growing 7. 9% annually.
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If you are reading my forecast you must have seen many things coming correct (Jan 01, 1970)
My Dear Reader,Planet says that world is passing through a very critical time. If you are reading my forecast you must have seen many things coming correct. Some big events, which has taken place in last ten days was very much mentioned in the forecast. Whatever happens thats going to happen and world will go on. Universe never stops and so the life of the people. Yet, we can learn from the past and use that information for future to come. I sincerely wish that coming days of my readers are bright and good. One Liner of the Week: If you speak this one liner before you go to sleep and next day morning when you open your eyes I promise it will give amazing result. Speak before you go to sleep: Tomorrow will be a wonderful day and wonderful things will happen. Next Day Morning When You Open Your Eyes: Today is a wonderful day and wonderful things will happen. Disclaimer: These are the predictions based on astrology which is author's own view.
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Sea Bags (Sep 18, 2011)
I came across Sea Bags over the weekend and their story was so intriguing that I simply had to share it with all of you. Started 6 years ago by Hannah Kubiak, Sea Bags is operated now by Beth and Hannah, who create handbags made out of old sails from retired sailboats. Basically, whether donated or bought, the girls are always on the lookout for used sails and they use the most unique portion of the materiel to make into beautiful handbags. According to Beth and Hannah, these bags are "sailed around the world, and recycled in Maine." Prices for these remarkable bags range from $75 for the mini version to $110 for the large tote and orders can be customized (with certain colors, numbers or letters) for an extra $20. Another interesting fact about these adorable bags is that the rope handles are all hand-spliced, which is evidently a technique that only the most seaworthy individuals know. Visit Sea Bags website to see additional pictures of their bags and please be patient as they are updating their site to soon accommodate online ordering. For now, however, you can order either by email or phone.Comment on this bag