HONG KONG, Dec 8 (Reuters) – Vale SA , the world’s biggest iron ore miner, listed on Wednesday at the Hong Kong stock exchange where it traded at a premium to New York’s close, as the Brazilian company sought to raise its profile among Asian investors.

The listing further underscores the Hong Kong bourse’s position as one the world’s premier stock exchanges. Rio de Janeiro-based Vale is the first company to issue so-called Hong Kong Depositary Receipts (HDRs) after the bourse implemented new rules for them in 2008.

“More companies will seek listings in Hong Kong as they look to tap Asia’s biggest liquidity pool,” said Chi Lo, chief executive officer of HFT Investment Management (HK) Ltd. Vale’s HDRs closed at HK$265.20, 0.7 percent above Vale ADR s’ closing price of $33.93 (HK$263.38) on Tuesday, and 1.4 percent above the closing price of 56.72 Brazilian real (HK$261.61) on the Brazilian stock exchange . The HDRs opened at HK$270. The broader Hong Kong stock market closed down 1.43 percent. Vale Chief Financial Officer Guilherme Cavalcanti said the company was attracted by the large number of retail investors in Hong Kong as the firm aimed to enlarge its Asian investor base. HDRs offer an alternative listing route for companies from jurisdictions that prohibit share issues overseas.

The company, which is not raising any new money from the listing, said its existing holders have requested to convert 7.725 million of the company’s American Depositary Receipts (ADRs) in New York to be traded on the Hong Kong Stock Exchange. Of this total, 5.322 million are common shares and 2.403 million are preferred shares .

A Hong Kong listing will allow Vale shares to be traded across more time zones.

“Resources and mining stocks are worth accumulating for longer-term investments as the U.S. dollar is expected to remain weak in the medium term,” said Linus Yip, strategist from First Shanghai Securities.

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HONG KONG (Reuters) – The lack of a unified Asian voice in the Group of 20 leading economies means the United States and Europe are driving the overhaul of global financial regulation with several of the new rules posing significant challenges for emerging markets, regulators said in a regional summit on Monday.

The G20 has endorsed a series of major reforms to banking and financial market regulation, which the five Asian members of the group and Financial Stability Board members Hong Kong and Singapore have signed up to.

But Asian regulators say a number of these rules pose significant difficulties for their markets, while others don’t address the way the crisis hit their economies. This, they say, is partly due to the fact that the United States and Europe find it easier to arrive at a common approach to regulatory change.

“There isn’t a uniquely Asian voice and I think that’s a challenge,” Martin Wheatley, head of Hong Kong’s Securities and Futures Commission (SFC), told the Pan-Asian Regulatory Summit held by Thomson Reuters unit Complinet.

New rules on banking liquidity, part of the so-called Basel III framework, were highlighted as one area where the reforms hadn’t taken into account the size of some emerging markets’ debt capital markets.

“Asian countries are facing significant challenges in meeting these liquidity standards,” said Lee Jang Yung, senior deputy governor of South Korea’s Financial Supervisory Service.

Those standards mean banks must hold a certain level of highly liquid assets, such as government bonds, so they can still meet their funding obligations at times of stress in the financial system.

HONG KONG, Nov 16 (Reuters) – Russia coking coal and steel producer Mechel (MTL.N: Quote, Profile, Research, Stock Buzz) plans an initial public offering of its mining division in the second half of 2011 at the earliest to fund growth, its Chief Financial Officer told Reuters on Tuesday.

The Justice family sold $229 million worth of Mechel preferred American Depository Shares in May, at $7.50 each, below an indicated range of $10.50 to $13.80. But Mechel share prices have since surged 228 percent to $24.6 apiece. [ID:nLDE6461RU]

“London and New York are our obvious choices, but we’ll also study Hong Kong. The question for us is where to get the best valuation,” said Stanislav A. Ploschenko, who is attending an emerging markets investor conference arranged by Renaissance Capital.

Its mining segment accounts for about 75 percent of Mechel’s EBITDA (earnings before interest, tax, depreciation and amortisation), thanks to the strong rise in coal sale prices. Mechel expects coking coal prices to grow 20-25 percent next year.[ID:nLDE69417S]

Currently, New York-listed Mechel trades at an enterprise to 2011 EBITDA multiple of 5.9 times, similar to that of Hong Kong-listed China Coal’s (1898.HK: Quote, Profile, Research, Stock Buzz) 6.6 times, but below the 10 times forward multiple of Coal India (COAL.BO: Quote, Profile, Research, Stock Buzz), the world’s largest coal company by production and reserves.

Mechel, whose market value stands at $10.3 billion, would continue to hold a controlling stake in its mining unit, which includes Southern Kuzbass Coal Co, Yakutugol, Mechel Bluestone Coal Co and Korshunov Mining Plant, said Ploschenko.

The size of the IPO, which would see 10 to 25 percent of the mining segment go public, depends on capital expenditure plans and would involve new shares only, he added.

SINGAPORE/HONG KONG (Reuters) – Hedge funds and private equity firms based in Asia face tough new rules on pay and leverage from a regulatory overhaul set to pass in Europe this week.

The European Union’s Alternative Investment Fund Managers Directive, which goes before the European Parliament on Thursday, will apply to all fund managers with EU-based clients, regardless of where they are domiciled.

That means Asian hedge fund and private equity managers, which previously enjoyed broader regulatory freedom than their Western counterparts, may get roped into the reforms.

While Singapore and Hong Kong are home to a growing Asia-focused alternative investment industry, it’s estimated that around 50 percent of their investor base comes from Europe.

It’s the connection with European investors that could make them subject to strict new rules on pay and leverage.

“There remains concern that non-EU managers will have to comply with the full text of the directive if they want to access EU investors,” said Han Ming Ho, a partner at law firm Clifford Chance and chairman of Singapore’s Alternative Investment Management Association

“They will effectively have to follow EU law and an EU pay code in their respective local jurisdictions,- this obviously creates multiple challenges for the industry,” he added.

SINGAPORE/HONG KONG (Reuters) – Hedge funds and private equity firms based in Asia face tough new rules on pay and leverage from a regulatory overhaul set to pass in Europe this week.

The European Union’s Alternative Investment Fund Managers Directive, which goes before the European Parliament on Thursday, will apply to all fund managers with EU-based clients, regardless of where they are domiciled.

That means Asian hedge fund and private equity managers, which previously enjoyed broader regulatory freedom than their Western counterparts, may get roped into the reforms.

While Singapore and Hong Kong are home to a growing Asia-focussed alternative investment industry, it’s estimated that around 50 percent of their investor base comes from Europe.

It’s the connection with European investors that could make them subject to strict new rules on pay and leverage.

“There remains concern that non-EU managers will have to comply with the full text of the directive if they want to access EU investors,” said Han Ming Ho, a partner at law firm Clifford Chance and chairman of Singapore’s Alternative Investment Management Association

“They will effectively have to follow EU law and an EU pay code in their respective local jurisdictions,- this obviously creates multiple challenges for the industry,” he added.

HONG KONG/SHANGHAI, Nov 2 (Reuters) – China Construction Bank (CCB) (0939.HK: Quote, Profile, Research, Stock Buzz) (601939.SS: Quote, Profile, Research, Stock Buzz), the country’s No. 2 lender plans to raise up to 61.62 billion yuan ($9.2 billion) through a rights issue this month, less than expected, to shore up its balance sheet after a 2009 lending binge.

Its plans for a rights issue in Hong Kong and Shanghai follow Friday’s announcement by Bank of China (3988.HK: Quote, Profile, Research, Stock Buzz) (601398.SS: Quote, Profile, Research, Stock Buzz) for a rights issue to raise up to $9 billion. [ID:nTOE69R0BY]

Both banks announced plans for massive capital raisings earlier this year to meet tighter regulatory requirements.

Chinese banks have raised $10.5 billion so far this year through rights issues, according to Thomson Reuters data.

Under CCB’s plan, every 10 existing shares in the bank would be entitled to subscribe to 0.7 rights shares at 3.77 yuan per A-share and HK$4.38 per H-share.

The rights issue, first proposed in April, comes at a 43 percent discount to its market price. The size of the deal is smaller than an expected 75 billion yuan under its previously announced plans.

This reflects less urgent capital needs due to cautious lending by CCB, and is also aimed at giving investors higher long-term returns, the official China Securities Journal reported, citing unidentified investment bankers involved in the deal.

HONG KONG, Oct 25 (Reuters) – The outstanding amount of over-the-counter derivatives rose during the first half of 2010 despite calls by regulators to move much of the market on to exchanges, the International Swaps and Derivatives Association said on Monday.

The ISDA said the total notional amount outstanding of OTC derivatives amounted to $466.8 trillion as of June 30, up 1 percent from the end of 2009.

Global regulators are trying to make derivatives trading more transparent after the opacity of the OTC market was blamed for the near-collapse of U.S. insurer AIG (AIG.N: Quote, Profile, Research, Stock Buzz) in 2008. [nLDE69C1SP]

The Financial Stability Board (FSB) last week, ahead of a G20 finance ministers’ meeting in Seoul, recommended ways to ensure that as many contracts are standardised so they can be centrally cleared and traded on exchanges. [ID:nTOE69J086]

Figures from the ISDA would indicate that the regulatory process is only just beginning, with the OTC market continuing to grow.

The bulk of the increase was focused in the huge market for interest swaps, with trade in the smaller equity and credit OTC derivatives slipping.

The notional amount outstanding of interest rate swaps, options and cross-currency swaps grew by 2 percent to 434.1 trillion in the six months, from $426.7 trillion at the end of 2009, while volumes in credit derivatives and equity derivatives were down 14 percent and 6 percent, respectively, according to ISDA mid-year market survey.

HONG KONG, Oct 5 (Reuters) – Hong Kong could see initial public offerings denominated in China’s yuan currency as early as next year, the chief executive of the territory’s stock exchange said on Tuesday, as Beijing moves to internationalise the currency.

China and Hong Kong agreed to loosen rules regulating trade of the yuan in the territory in July, paving the way for the sale of yuan-denominated financial products and giving greater access to yuan funds.

Since then, banks and other financial institutions have rolled out a wide range of yuan-denominated products, from insurance policies to certificates of deposit.

But yuan-denominated stocks are taking longer to roll out as the stock exchange deals with liquidity issues because of the relatively small amount of yuan in Hong Kong.

“This is a very small step for a very long march,” Charles Li, a former JPMorgan (JPM.N: Quote, Profile, Research, Stock Buzz) banker turned chief executive of Hong Kong Exchanges and Clearing Ltd (0388.HK: Quote, Profile, Research, Stock Buzz), said in a luncheon speech.

“We hope to see that next year,” he said, referring to Hong Kong’s first yuan-denominated IPO.

To avoid seeing issuers suffer from lower listing valuations due to a lack of yuan liquidity, Li has proposed setting up special-purpose liquidity pools to provide short-term yuan funding during the IPO process.

LONDON, March 23 (Reuters) – French private equity firm PAI Partners is likely to pick Credit Suisse, J.P.Morgan and Morgan Stanley to handle Chr.Hansen’s $1 billion initial public offering, sources familiar with the matter said.

PAI has yet to make a final call, but a pre-marketing of the Danish bioscience company could kick start as early as next month, after the Easter holiday, one source said.

“We’re looking at exit opportunities but no decision has been taken,” said Frederic Stevenin, a partner at PAI.

“IPO is something we’re thinking of,” he added, saying he was talking to several banks.

Apart from Credit Suisse <CSGN.VX>, J.P. Morgan <JPM.N> and Morgan Stanley <MS.N>, a number of local banks could also join the deal, the sources said.

Europe’s IPO market has recently shown signs of life. February was marked by a slew of cancellations, including travel bookings firm Travelport’s $1.8 billion London listing plan, but March has been an active month.

Promethean World <PRWP.L>, African Barrick Gold <ABGL.L>, Metric Property <METP.L>, CPP Group <CPPG.L> and Kabel Deutschland (KDG) <KD8Gn.DE> raised a combined $2.7 billion in March, a deal volume up 50 percent from last month’s $1.8 billion.

FRANKFURT/LONDON, March 22 (Reuters) – Shares in cable television company Kabel Deutschland <KD8Gn.DE> suffered a lacklustre debut in Europe’s biggest flotation so far this year, signalling fragile investor appetite.

Germany’s largest cable operator raised 759 million euros ($1 billion) for U.S. owner Providence Partners in its initial public offering (IPO) on the Frankfurt stock exchange on Monday, valuing it at 5 billion euros, including 3 billion of debt.

The shares closed at 22.235 euros. KDG had priced its shares at 22 euros per apiece on Friday — at the lower end of its initial price range.

“Investor sentiment has improved moderately, but it continues to be finely balanced on the basis of price,” said a head of European equities at a large fund house in London, who asked not to be named.

“There is potential for the market to absorb new listings, but if the pricing is not right, deals could still fail.”

Although the heady pre-crisis days of new issues jumping 10 to 20 percent on their market debuts are long gone, the fact the shares made little headway underscores just how cautious and price sensitive investors are in the wake of a spate of downsizings and postponements.

KDG’s debut has been closely watched by market participants, trying to gauge appetite for private equity led flotations.