Corporate Finance

Don't blame the fat cats. Trail of cream leads back to you

HSBC chief Stuart Gulliver. Photo: Bloomberg

Let's put some perspective on this howl of outrage. HSBC chief executive Stuart Gulliver, for instance, got total compensation last year of US$14.1 million or 0.068 per cent of the bank's pre-tax earnings of US$20.6 billion.

Sunday, 10 March, 2013, 2:52am 12 comments

Swiss vote on fat-cat pay a victory for business

Swiss lawmaker Thomas Minder, who has championed the restrictions on fat-cat pay proposal for more than five years. Photo: EPA

Sixty-eight per cent of Swiss voters have backed a constitutional amendment on "fat cat" pay. Sunday's verdict was clear: shareholders of publicly listed companies will have a binding say on pay.

6 Mar 2013 - 2:51am

Downturn erodes Li & Fung earnings

Global trading company Li & Fung says continuing gloom in the global economy dented its core earnings in the first half of the year.

Nevertheless, the company said its net profit jumped 33 per cent - buoyed by a writedown of acquisition costs.

15 Aug 2012 - 11:23pm

Sohu unit ready to play the IPO game

Undaunted by the current poor appetite among investors for Chinese information technology companies, mainland web game developer flagged a plan this week to list American depository receipts (ADRs) in the United States.

15 Aug 2012 - 11:15pm

Cornerstone investors are difficult to corner

These days, IPOs are less of a public offering and more of a cornerstone investor recruitment process. Cornerstones have become essential to a successful listing.

15 Aug 2012 - 11:03pm

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15 Aug 2012 - 11:03pm

Ray of hope for long-suffering B-share investors

The nation's securities regulator is taking an initial step towards ironing out the festering issue of the B-share market, offering beleaguered investors a ray of hope after a decade of waiting.

5 Oct 2012 - 7:02pm

Arriving at a cost is a magical mystery tour

In 2004, Google came to market with an initial public offering (IPO). The company took an unconventional approach to pricing: it put its offer to all investors through an open, Dutch auction.

23 Jul 2012 - 12:00am

Machinery giant's IPO on track after ruling

First Tractor, the mainland's largest agricultural machinery maker, is pushing ahead with its 1.15 billion yuan (HK$1.35 billion) initial public offering today after the securities regulator dismissed fears that it would weaken the market.

17 Jul 2012 - 12:00am

Start spreading the news - a lot earlier

Knowledge is power. That is especially true when it comes to investing in initial public offerings. On July 8 in the SCMP, columnist Jake van der Kamp argued that retail investors seem to be getting too little of it - or rather that information on IPO issuers is being made available to the public too late in the process ('SFC appears to be in la-la land over listing documents').

16 Jul 2012 - 12:00am

Railway Materials' IPO sends investors to exits

A plan by China Railway Materials to launch a 6 billion yuan (HK$7.35 billion) initial public offering in Shanghai sent mainland investors, already battered by worries of a flood of equity offerings later this year, running for the exits.

10 Jul 2012 - 12:00am

Working harder for smaller deals that bear less fruit

An old joke tells of two matrons having lunch at an expensive restaurant. One lady says: 'The food is so bad.' The other says: 'Yes, and the portions are so small.' This neatly sums up initial public offering (IPO) bankers' first half: markets are challenging and brokers are working harder to sell smaller deals for less fee income.

9 Jul 2012 - 12:00am

Auditors chop IPO forecasts amid euro woes

Auditors are slashing their forecasts for initial public offerings in Hong Kong this year as the euro-zone crisis continues to cast a pall over mega-size issuers.

PricewaterhouseCoopers (PwC) yesterday cut its 2012 IPO forecast by almost half to between HK$100 billion and HK$150 billion raised through 80 to 90 deals.

4 Jul 2012 - 12:00am

Tax breaks for mainland firms in go-global push

The central government has announced a series of measures, including tax exemptions, to encourage private mainland companies to invest abroad.

4 Jul 2012 - 12:00am

Morgan Stanley PE fund delayed by weak market

Morgan Stanley Private Equity Asia, an investment arm of the Wall Street bank, is set to postpone its latest pan-Asian fund after difficulty in raising US$1.5 billion, according to people familiar with the matter.

23 Jun 2012 - 12:00am