Alibaba courier aims high with New York IPO

October 18, 2016

Chinese logistics group ZTO Express wants to raise up to $1.3 bln through a New York flotation. Sales are soaring, thanks to the e-commerce boom. But rival couriers are also scaling up. ZTO lacks the market dominance or margins to justify an Alibaba-style premium valuation.

Nutanix debut jams open IPO window – temporarily

October 3, 2016

The data-storage firm's 131 pct pop on Friday, for a market cap over $5 bln, made it the best tech float this year. The recent warm welcome for IPOs plus decreased VC funding may lead others to pull the trigger. With the U.S. election coming, the opening may be brief.

Vodafone tops up for a fight in India

September 23, 2016

Injecting $7 bln of cash will help the mobile giant's Indian unit compete in a mega spectrum auction and in a price war against new entrant Jio. It also suggests an IPO of the wholly owned business is off the table for now. India may become a big drag on its London-listed parent.

China postal bank aptly fails to push envelope

September 21, 2016

Postal Savings Bank is raising $7.4 bln after pricing shares in its IPO near the bottom of the range. The implied worth of the lender's equity is 0.93 times its forward book value, in line with peers. Higher costs and loan concentration means it is lucky to secure that.

Postal bank’s $8 bln IPO scrapes through the door

September 13, 2016

Postal Savings Bank of China is roughly worth its trailing book value at the middle of the price range. SOE listings can't pass at a discount. But that's where rivals with higher returns trade. The bank's safer lending profile, and anchor investors, should stop logic taking hold.

Chinese fintech could help revive Hong Kong market

September 2, 2016

Web groups like Alibaba snubbed the territory to float Stateside. A new breed of financial upstarts with few global peers may find Hong Kong more welcoming. A few multi-billion-dollar listings would cut the bourse's reliance on stodgy financial and property giants.

Hong Kong’s cornerstone problem goes postal

August 25, 2016

Postal Savings Bank of China may sell as much as 80 pct of its $8 bln share offering to cornerstone investors. One unlikely ally, a big state shipbuilder, is already down for $2 bln. This is fresh evidence, on an epic scale, of how Hong Kong's IPO crown is thoroughly undeserved.

Singapore eyes last trick in the book to win IPOs

August 24, 2016

The city-state is moving closer to introducing dual-class shares. A growing sense of desperation about a moribund market for new listings has reduced opposition to such a move. The risks of giving up the high ground on shareholder democracy are likely to outweigh any rewards.

China’s giant savings bank not as safe as it seems

July 6, 2016

One in three Chinese citizens has money in Postal Savings Bank of China. It has fewer loans to bloated state firms and fewer bad debts than rivals. But big holdings of bonds issued by other arms of the Chinese state – and increased dabbling in shadow finance – still pose risks.

Japan’s chat app IPO is more Twitter than WeChat

July 1, 2016

Messaging platform Line is going public with a valuation of up to $6.6 bln. Like Chinese rival WeChat, it has lured millions with games and virtual stickers. Yet its user base has stopped growing. Like Twitter, it must now try to squeeze more revenue out of those people.