Analysts concede spectre of challengi ng ti me ahead in enforcing stringent rules, writes Tara Loader Wilkinson H ong Kong’s initial public offering (IPO) market has rocketed since 2008, fast-tracked to the top of the global rankings by a slew of Chinese companies seeking to list their shares. However, a torrid 2012 – dampened by tainted listings and alleged cooked books – has prompted experts to warn that unless it enhances its regulatory requirements, poor-quality IPOs could damage the long-term reputation of Hong Kong’s capital markets. In the past five years, Hong Kong has hovered around the world’s top 10 global IPO destinations for listing companies by volume. Between 2009 and 2011, it ranked global number one, dropping back to 12th last year. It is now back up to third as oflast month, having raised US$4.S billion through flotations this year, lagging New York in first place and Brazil in second, according to accounting firm PwC. The challtlhge also comes down to law enforcemenr, says accountancy fum BDO’s assurance director Andrew Lam. He says: “Hong Kong has a set of stringent rule!; and listing thresholds latd down by the various regulators and law enforcement agencies. The challenge is the effectiveness of enforcing these rules.” He adds that many of the Hong Kong-listed companies and IPO candidates are based on the mainland, where the collection of evidence and the subsequent enforcement of the Hong Kong rules remains difficult. “Accordingly, the risk and costs to the culprits may not be very high compared to the economic benefits of their illegal acts,” Lam says. Companies whose shares drop sUbsf46tiallY below their flotation price may be partly to blame for submitting untruthful filings to the regulator’s vetting committee. But equally, the fault may lie with investment bankers or analysts making false or overly-confident statements in the document of the lPO they underwrite. Steps are being taken to combat this. Last year, Securities and Futures Commission chief’ Ashley Alder declared a tougher stance on IPO regulation and promised to be rigorous about high disclosure standards. He also mooted heavy fines and jail sentences for bankers who fail to ensure the integrity oflisting prospectuses. But it is not all doom and . gloom. Edmond Chan, partner in the capital markets services group at PwC, says that Hong Kong’s capital market has by and large developed in the right direction and is well-respected by global investors. “In recent years, Hong Kong has enjoyed the benefits of European and US money flowing in, although last year its listing market was also affected by the global financial crisis.” Chan believes the main challenge now is attracting more non-Chinese companies to list. Although there have beeh some blockbuster foreign IPOs, such as L’Occitane, Coach and Glencore, more than 90 per cent of firms listing on the Hong Kong stock exchange are Chinese. Chan hopes the ratio offoreign firms will grow to 20 or 30 per cent, in the near future. Chan says the other hurdle lies in maintaining integrity. “Hong Kong has come a long way in a short time, so we need to be nimble and dynamic,” he says. “We must change our approach quickly if need be.” How can Hong Kong weed out disreputable companies from listing, and what additional regulatory checks are needed to reinforce its reputation as a top IPO destination? Lam says investors should take more responsibility and conduct adequate research before making an investment. “Avoid companies with warning signs,” he says. “This will make it more difficult for the culpJits to benefit from their illegal afts.” Experts point out that additional cross-border co-operation of the regulators and law enforcement agel1cies would act as a deterrent tel these culprits. As for the warning signS that investors and regulators s}lOuld look out for, BDO says to flay close attention to anyfirme with unusual group structures or business models. Strange locations for a company’s domicile and/or operations should cause alarm bells to ring, along with urlusual new products, unexplained high growth rates and a lack of comparison for profitability or liquidity. Profit margine that appear unreasonably high or fluctuate a lot, or large prelfits with low tax provisions or low liquidity, should also send off alarm bells.
Growing the fish indoor means making the unpredictable predictable and the impossible possible, Kwok said. “The ways we run the fish farm mean that we can deliver 100, 200, 300, 400 almost identical fishes at any given time with similar taste and texture. We even have forward contracts for six to nine months in advance, which lock up selling prices and avoid price volatility.”
Kwok imported giant grouper fingerlings from Taiwan, and fed them with meal powder imported from Denmark and Latin America. Aquaculture joined forces with the Kadoorie Agricultural Research Centre at the University of Hong Kong, which helped develop technologies and make the business sustainable.
5. 5。Quick Spanish breakfast – Pan a la Catalana, orPan con Tomate,in Spain is simple but really delicious. 快速西班牙早餐- – -潘一个la Catalana,orPan con Tomate,在西班牙很简单但是真的好吃。Just rub some bread withfresh garlic and plenty of ripe tomato, then drizzle with olive oil and salt. 只是擦一些面包与新鲜的大蒜和成熟的番茄酱,然后加少许橄榄油和盐。Top with cheese, ham or sausage for an extra bit.最上面放上些奶酪,火腿或者香肠为一个额外的位。Gracias谢谢jlatrasjlatras.
Tucker bought shares in insurance company AIA after the stock fell 9 per cent from its May 20 level of HK$36.45. He bought 300 shares on June 17 at HK$33.10 each, increasing his holdings to 15.339 million shares, or 0.13 per cent of the firm.
The maximum value of the arrangement is 200 billion yuan ($33 billion), according to a statement published by the UK central bank on its website in London. The People’s Bank of China put the sterling value at 20 billion pounds ($31 billion) in a statement on its website.
The central bank faced down the country’s cash-hungry lenders on Friday, letting interest rates again soar to extraordinary levels of about 25 per cent for some banks, as it steps up the pressure to rein in rampant informal lending.
The biggest offerings this year to date have been from Sinopec Engineering (Group) and China Galaxy Securities. China Galaxy Securities raised HK$8.3 billion from its Hong Kong IPO, while Sinopec Engineering raised HK$2.24 billion from its IPO.
Few expect the mainland’s capital market to perk up any time soon and witness a resurgence in IPOs in the coming months as concerns persist about the quality of companies and poor transparency in the listing mechanism.
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是強盜！他還不做一般的強盜，而是獨行大盜，到處為非作惡，屢屢得手，官府怎么也抓不到他。為什么呢？不僅因為他身手敏捷，能夠以一擋十，更主要的是他一聽到風聲不對，就“遁入山林，數月不出，不畏寒暑，累日不饑”，美學院精通雙眼皮手術,美的假髮配戴 徐永康玻尿酸,雷射溶脂 美學院自體脂肪也就是躲入深山老林之內，幾個月也不出來，衣衫單薄也不怕，幾日不吃也不餓。結果，一直到他九十歲時，都還逍遙法外，并且見過他的人說他精神矍鑠，面色豐潤，不現老狀，使湖南岳陽一帶的居民多年來深受其害。這官府的官兒都換了若干任了，可黑名單頭一名始終還是他老人家。
6. 小广场和大广场上都没有教堂，这是帕茨夸罗的一个诡异之处。一个比较主要的教堂叫做Basilica de nuestra senora de la salud，我们的朋友Adriana的咖啡餐馆Meraki就在教堂正门的那条路上。推荐它一是帮朋友做做广告，另外是她家的意面汉堡沙拉和华夫饼真的挺好吃的，（Ivo是她的老公，做很好吃的面包，这是一大原因），而且咖啡馆装修得很漂亮，这片街道又比较清静。
According to data provider iFind, senior executives of mainland-listed firms gained an average 6.9 per cent pay rise last year and their total payments were valued at about 9 billion yuan (HK$11.3 billion). The growth in salaries of company bosses far exceeded a 2 per cent profit rise recorded in the same year.
And it is not like Cheney had not experienced this before. In the White House since the Nixon and Ford administrations, holding positions like the White House Chief of Staff, Secretary of Defense and vice president, the name Robert Hanssen must ring a bell.
Grace Tam, a market strategist at JP Morgan Asset Management, says investors began to get very focused on the idea that central banks’ quantitative easing programmes would end. This planted the idea that interest rates would start to rise eventually, and this would bring down the value of their bond funds.
Investors would also be thinking about the performance of another New World spin-off, Chow Tai Fook Jewellery, which raised HK$15.8 billion in December 2011. That stock is currently trading 41 per cent below its listing price.
香港置地文华东方酒店与纽约传奇鸡尾酒酒吧PDT（Please Don’t Tell）合作，带来独特的酒吧概念。屡获选为全球最佳酒吧的PDT深受纽约人爱戴，除了热爱由调酒师Jim Meehan和Jeff Bell创作的鸡尾酒外，他们同样享受其独特的室内设计和私密氛围。PDT HK将于2018年初开业，为首间开设于纽约外的酒吧。客人将会由MO Bar内的电话亭的神秘入口进入酒吧。酒吧的设计由著名香港设计师Nelson Chow操刀，揉合复古和现代经典元素，当中包括跟纽约店形神俱似的红砖墙动物标本，为酒吧增添一分玩味。PDT
“Among those who seek help from us, we find many are on low incomes rather than being reckless gamblers or spenders,” said Paulina Kwok Chi-ying, the centre’s supervisor. “But they are excluded from opportunities.”
The problem is not that liquidity will fail to meet demand for loans but one of credit risk. Some small and medium-sized banks’ financial products also face excessive returns. So the PBOC cannot just meet market needs and ignore danger signals.
She will be showcasing three sculptures by Man Fung-yi. King said the works are based on the cheongsams worn by the artist’s mother and her niece as well as a pair of her own shoes, and reflected three generations of women in her family.
The benefits include lower costs, the ability to immediately liquidate most investments without the hassles of fund redemption notices and delayed payment, more control over one’s financial destiny.
身兼LME 亚洲董事总经理的港交所亚洲商品主管敏俐斯（Liz Milan）在明天（周二）举行的LME 亚洲年会前接受访问时说：「成为会员的条件是在英国成立实体机构，受到英国金融行为监管局（FCA）监管，中国是很重要的市场，能够帮助他们成为会员，我们会尽力做。有中资结算会员表示，中国投资者乐于与他们合作，对参与LME 有帮助。」她认为，对于大型中资银行来说，在英国设立分支机构的问题不大，从英国监管者的角度，规定会员必须在当地设立分支，方便进行监督，但没有透露中资经纪行排队申请成为会员的情况。
夏日的天，骄阳似火，暑气炎炎。窗前小驻常常可以看到：树，一动不动的立在那里《值客说》第49期：夏天的味道你知道 那些冰爽难拒的消暑美食狗狗，懒洋洋的趴着喘气《值客说》第49期：夏天的味道你知道 那些冰爽难拒的消暑美食此时躲在屋里，若是能吹个空调来个葛优趟那简直是太幸福《值客说》第49期：夏天的味道你知道 那些冰爽难拒的消暑美食 不过这还不够，夏天最想要的是这些：冰爽冷面、冰镇汽水、花式冰淇淋、爽口黑凉粉、酸甜柠檬茶、丝滑牛奶冻、降火冰粉凉糕、麻酱凉面凉皮还有冰镇小龙虾，路边大排档……一想到这些夏日美食原本天热没胃口的小小值突然觉得人森有了希望！本期值客说就带着大家一起来看看夏季消暑美食哪家强~贴心值友们还分享了许多制作tips，自己动手一起度过一个好吃好玩的凉爽夏天吧~
That suggests a tilt towards equities, implying that the great intermediate investment, the balanced fund, may shortly fall out of favour. In other words, while investors have lacked direction in recent months, now they have it, and it points to equities and not bonds.
On June 19, Tonic Industries, a back-door listing vehicle of mainland-based China Merchants Property, announced a placement of 940 million new shares at HK$1.88 each, representing a discount of about 37 per cent to the stock’s close of HK$2.99 on June 18.
“The latest share placement of Tonic Industries is an example that illustrates the gap between market expectations and asset injection values,” said an analyst who asked not to be named. “The shares were sold at a big discount. That should not be good news to the existing shareholders of Tonic.”