Freshfields’ Post

📢 Our team led by Frank Cui, Alessandro Nolet and Nick Syson, alongside Douglas Doherty, advised the mandated lead arrangers on the proposed take-private of ESR Group by way of scheme of arrangement. The proposed offer is valued at HK$55.2bn (US$7.1bn) on an equity value basis, making it the largest #privatisation from the Hong Kong Stock Exchange since 2021. Read more here 👉: https://lnkd.in/gBt57-wK

Hong Kong’s capital markets have had a tough couple of years. The Hong Kong Stock Exchange (HKEX) closed 2023 as the worst performing exchange in the world. HKEX plunged 24%, erasing US$13 billion in market capitalization, according to Bloomberg. Unsurprisingly, IPO activity was tepid in Hong Kong last year, and remained that way up until a flurry of listings in recent months that suggested a turnaround in market sentiment. #hongkong #capitalmarkets #ipo https://hubs.li/Q02V1h_z0

Why Companies Change Exchanges   In global finance, where billions of dollars change hands with a few clicks of a button, a company's choice of stock exchange affects its visibility, prestige, and access to capital. For many decades, being listed with the New York Stock Exchange (#NYSE), now owned by the Intercontinental Exchange (ICE), was synonymous with being a blue-chip, leading company, and its reputation continues to draw companies worldwide. However, even the NYSE sees firms leave for other exchanges.   Some companies may list their initial public offering (#IPO) with the Nasdaq (#NDAQ) or #NYSE, only later to question whether their listing still aligns with their strategic goals. In this ever-evolving landscape, why would a company leave an exchange and seek a new home for its shares? Why is this often done involuntarily for the company involved? As we explore the reasons behind these critical decisions, we'll explain what drives companies to switch exchanges and the potential benefits and drawbacks of such moves.   https://lnkd.in/eN--34n7    Louis A. Bevilacqua Bevilacqua PLLC #bevilacquapllc #securities #trading

The Hong Kong Stock Exchange has proposed reforms to enhance IPO price discovery process and open market requirements. Our partners Jeckle Chiu, Billy Au and Chester Wong discuss these reforms which aims to enhance the attractiveness and efficiency of Hong Kong’s IPO market, align with global standards, and ensure a competitive and dynamic environment for issuers and investors. Read more: https://lnkd.in/gQsHwgfX #IPO #CapitalMarkets #HKEX

Here’s a 1-minute summary: 1️⃣ The HKEX has released a consultation paper proposing reforms to optimise the IPO price discovery process and enhance open market requirements. 2️⃣ These proposals aim to ensure that the final offer price of IPOs more accurately mirrors market conditions and investor sentiment, while also guaranteeing sufficient liquidity and an active trading market. This will foster a more dynamic and competitive environment for both issuers and investors. 3️⃣ Key highlights include the introduction of a tiered approach to initial public float thresholds, the potential establishment of an OTC market, and an expanded pricing flexibility mechanism. 4️⃣ These changes are set to bring Hong Kong's regulatory framework into closer alignment with international standards, further enhancing its appeal as a listing venue. #HKEX #IPO #HongKong #Law #MarketReforms

Hong Kong Exchanges and Clearing Limited (HKEX) has published its new consultation on optimising IPO price discovery and open market requirements, as well as the conclusions on improvements to the Corporate Governance Code. Read the news and contact Paul Lau for more insights: https://lnkd.in/g24_uNWW | https://lnkd.in/gXHvb5uS “The Exchange’s proposed enhancements to the IPO price discovery regime aim to reduce post-IPO price volatility by allowing greater investor participation during the bookbuilding process. These changes are designed to facilitate larger investors’ participation in the Hong Kong IPO market, thereby boosting issuers’ willingness to issue new shares in Hong Kong.” 香港交易所發佈了有關優化首次公開招股 (IPO) 定價和公開市場的諮詢, 以及有關優化企業管治守則的咨詢總結。閲讀有關詳情並聯絡 Paul Lau 了解更多信息。https://lnkd.in/gacxPW_v | https://lnkd.in/g6mwqCZr “港交所在其享譽全球的IPO市場基礎上, 提出了一系列優化IPO定價的建議。有關IPO定價制度的建議旨在推動更多投資者參與建簿配售過程, 從而減少IPO後的價格波動, 並通過促進更多大型投資者參與香港IPO市場, 以提高各企業來港發行新股的意願。” #HongKongMarket #CapitalMarkets #IPO 

We're proud to partner with LSEG (London Stock Exchange Group) on their latest Marketplace Insights interview. Atticus’ Sam Spivack and Tom Bacon, Partner at BCLP, discuss the latest trends in the UK public markets, from listing rule changes to the role of technology and the growing importance of disclosures to guide companies through IPOs and beyond. Watch the full conversation here: https://lnkd.in/dsxsDAwP #IPO #CapitalMarkets #Factchecking #Disclosures

What is the stock market, and how does it work? The stock market constitutes a sophisticated platform wherein investors engage in the acquisition and divestiture of shares belonging to publicly traded enterprises. This marketplace for securities transactions facilitates companies’ access to capital, reciprocally granting investors a fractional ownership stake. Check Out Complete details from here: https://lnkd.in/gV2aAmQE

Sullivan is excited to introduce Jiayin Liao! Jiayin joins our New York office as an associate for our Capital Markets Group. He represents issuers, investment banks and investors in a broad range of capital markets transactions, including IPOs and follow-on offerings. His experience includes handling a wide variety of disclosure and compliance issues with respect to securities regulators and stock exchanges. To learn more about Jiayin, read his bio: https://lnkd.in/eGWJJqPy #WhatsYourNext

📢Canal IPO offers hope for troubled London Stock Exchange! French media giant Canal+ will list on the London Stock Exchange this morning in an early Christmas present for a bourse battered by a string of exits this year. Learn more 👉🏼https://lnkd.in/dR2Asj7e #fintech #finServe #News #Canalplus #LSE