Read the latest insights from Pamela Chung, Tricor’s Managing Director, Commercial of Hong Kong.
(July 9, 2019) [Hangzhou News - Pamela Chung] Pamela Chung on New Economy Companies in Hangzhou
Pamela Chung, Managing Director, Commercial of Tricor Hong Kong, was interviewed by the online news platform Hangzhou News at the Overseas Chinese Elites Summit for Innovation and Entrepreneurship 2019 in Hangzhou. She commented on the trend of local new economy companies across the Zhejiang Province doing IPOs in Hong Kong:
“At present, the market sentiment in Hong Kong is generally in favour of the new economy enterprises. Meanwhile, the thriving new economy in the city of Hangzhou and across the Zhejiang Province, supported by its extensive digital infrastructure, boasts many private enterprises which will continue to contribute a significant share to the Hong Kong IPO market as a leading driving force.”
(2019年7月9日) 【杭州網】聚焦資智融通 賦能杭港合作「杭港驛站」在杭授牌
Above: Excerpt from the article. Please refer to this link to view the articles in full.
(July 9, 2019) [Ta Kung Pao and Wen Wei Po - Pamela Chung]
IPO Queen Pamela Chung: New Economy Companies Remain in Favour for the Hong Kong IPO market
At the Overseas Chinese Elites Summit for Innovation and Entrepreneurship 2019 in Hangzhou, Pamela Chung, Managing Director, Commercial of Tricor Hong Kong, was invited to share her insights with this year’s theme on greater Hangzhou-Hong Kong cooperation, in particular to encourage and promote more companies to list in Hong Kong.
She sat down for an interview by Ta Kung Pao and Wen Wei Pao to share her insights on the IPO listing, investment and overall macroeconomic trends in Hong Kong:
“Over the years, Hong Kong has always been regarded as the IPO fund-raising centre which benefits from giant PRC corporations and state-owned enterprises. The mega IPOs in the financial and insurance sectors have long been regarded by Hong Kong investors as good investments with dividend distribution. Currently, a lot of those big corporations have already become listed, and the trend is now towards medium-sized IPOs, in particular the new economy companies. Despite the macroeconomic uncertainties, Hong Kong investors are always keen to sniff out investment opportunities and remain unaffected by any non-market factors, once they regard an IPO as a good buy. Going forward, good companies in the new economy sector are believed to remain in favour for the Hong Kong IPO market.”
(Jun 24, 2019) [Oriental Daily - Pamela Chung] Prudent outlook for Hong Kong IPO market in the upcoming half year | IPO Queen: Reviews needed to improve attractiveness for Hong Kong as the IPO destination for European and Asian companies
Pamela Chung, Managing Director, Commercial of Tricor Hong Kong, was invited by Oriental Daily to share her insights on the Hong Kong IPO market performance so far this year, and on why Asian and European companies are having reservations when considering a Hong Kong listing in the form of HDR:
The 2019 Hong Kong IPO market performance so far has fared worse comparing to same time last year. Although many companies have already been preparing for their IPO listings, they tend to hold back their submissions given current market volatilities. However, if the widely-speculated technology giant is indeed doing a second listing in Hong Kong, it may help boost the total fund raised in this year’s Hong Kong IPO market.
Meanwhile, companies from certain countries can only do a Hong Kong listing in the form of HDR. There have been ongoing inquiries about IPO listing in Hong Kong from companies incorporated in South Korea and Germany, for example, but they expressed reservation over HDR, due to its low liquidity. Therefore, if they were allowed to do a direct listing in the form of shares, rather than HDR, it would help attract more Asian and European companies to consider doing an IPO in Hong Kong.
(2019年06月24日) 【東方日報】 IPO市場下半年料審慎 | 港難吸引歐亞公司來港上市 新股女王︰宜檢討指引
(Jun 17, 2019) [Oriental Daily - Pamela Chung] China Concepts Stocks Unlikely to Have Large-scale Retreat from the US Market: Consider Second Listing in Hong Kong with a Close Eye on US-China Trade Issues
Pamela Chung, Managing Director, Commercial of Tricor Hong Kong, was invited to comment on Hong Kong Economic Journal regarding the effects on the US listing of China Concept Stocks under the recent US-China trade issues —and how Hong Kong may be welcomed as the destination for secondary listing.
She commented that amid the US-China trade issues, many companies will continue to keep a close eye on the market developments and may consider getting secondary-listed in Hong Kong. The high ongoing compliance costs involved on any dual-listing, however, may add another layer of difficulty for small and medium-sized enterprises.
(2019年06月17日) 【東方日報】IPO市場下半年料審慎 | 港難吸引歐亞公司來港上市！新股女王︰宜檢討指引
(April 23, 2019) [Oriental Daily - Pamela Chung] Hong Kong In The Top 3 Worldwide for Biotech IPO Listing
With Hong Kong as No. 3 in the world in attracting biotech companies for their IPO listing, Pamela Chung, Tricor’s Managing Director, Commercial, Hong Kong, was invited to comment on its success and HKEX’s introduction of the WVR listing regime a year on since April 2018:
“Allowing companies with weighted voting rights (WVR) to get listed in Hong Kong in the past year has benefited the city with a new window of opportunities. Their significant IPO volume and market-indicatory transactions have played an outstanding role in raising Hong Kong’s IPO ranking with remarkable promotional effect on the city. While it is all subjected to market sentiments whether even more WVR companies will choose Hong Kong, it is sure to facilitate investors’ profit-making opportunities.”
(2019年04月23日) 【東方日報 – 財經】港吸生科企上市膺三甲
(Mar 28, 2019) [TVB Pearl – Inside Market (Putonghua)] Interview with Pamela Chung
Pamela Chung, Tricor’s Managing Director, Commercial, Hong Kong, was invited for an interview by Program Host Ms. Pan Zi-ling on the live Putonghua financial program Inside Market. Highlights of the interview are as follows:
IPO Outlook and Theme and for 2019:
It is difficult to tell with certainty at this moment projections for the coming year, but it is not impossible to see big brands and notably sized companies eyeing for a listing in Hong Kong which may help heat up market sentiments. For the first quarter, it has been more about projects carried on from last year which got delayed because of market uncertainties.
Recognition by the market as the IPO Queen:
Pamela’s recognition as the IPO Queen came not from her employers nor herself, but through her extensive track records built during the years when many of the mega PRC SOEs (state-owned enterprises) went overseas for a cross-border listing, such as a HK and US dual listing.
For a long while, Pamela has been involved in those mega IPOs with a complicated settlement requirement, for example an A+H simultaneous dual listing can involve complicated logistics, compliance requirements and a careful timetable – and without any precedent. Having participated more than 600 IPOs to this day, Pamela has become the one to turn to whenever IPO legal advisers, investment bankers and other industry practitioners have questions about IPOs.
Streamlining the IPO process:
Regarding the reduction of the IPO settlement cycle, it would not be difficult to get market consensus with minor adjustments on the local systems in Hong Kong, such as discussions on fund clearing dates with banks and brokers. It is also noteworthy that Hong Kong is the only market in the world allowing retail investors to subscribe for IPO shares via a number of subscription channels.
Yet with the current T+5 timetable, which the listing date is behind the pricing day by five trading days, shortening of the IPO settlement cycle (such as T+3) is only workable later with the implementation of paperless regime.
Suggestions for Hong Kong to increase adaptability and competitiveness:
There is no doubt that certain companies may be attracted to the newly introduced Technology Innovation Board on the Shanghai Stock Exchange. Yet, up till today, international companies and certain joint ventures set up by PRC companies and international companies will still consider Hong Kong and value its springboard status.
Capital markets depend heavily on timing. There are two main types of companies which will continue to be the driving force. First, international companies with PRC business looking for PRC partners. Second, PRC companies with overseas investments or overseas M&As may consider IPOs in Hong Kong.
Differentiation helps diversify the unique edge and springboard status of Hong Kong’s global IPO crown as complementary to the Mainland Chinese Boards. HKEX recently released their Strategic Plan 2019-2021 with one of the key initiatives as Global Connection, which helps define a new theme for this year’s IPO: international companies.
獲冠以「IPO Queen（新股女王）」美稱的原因 ：
鍾絳虹多年來參與至少600隻新股上市，深獲客戶及業界信任，行內冠以「IPO Queen（新股女王）」的美稱。適逢內地龍頭國企在美國和香港同步上市，當時未有先例說明如何處理，但接手後便立下先例，包括較為棘手、A+H股同時上市的案例，累積豐富經驗。印刷招股章程時的行家，以至投資銀行家、律師及其他專業服務人士，後來每當遇上問題新股上市，都會先請教她的意見，稱她為「IPO Queen（新股女王）」。
作為2018年 IPO 集資金額高踞全球榜首的香港，要保持獨特優勢和跳板地位，並與內地市場互相補足、實現差異化對香港來說尤其重要。香港交易所公佈的《戰略規劃2019-2021》，其中一項焦點主題是進一步擴大國際業務，因此國際企業將是香港今年的IPO 的新主題。
(Jan 28, 2019) [Scripless IPO Consultation] IPO going all scripless: deadline soon imposed on physical scrip
(Jan 29, 2019) Joint consultation by HKEx and SFC: physical scrip soon becomes history – HKEx plans to go all scripless
- Pamela Chung, Tricor’s Managing Director, Commercial of Hong Kong, was quoted on Apple Daily. She shared her perspective on scripless IPOs and the current T+5 mechanism, where the listing date is behind the pricing day by five trading days.
- When asked whether scripless IPOS can shorten the T+5 timetable, Pamela commented, “With regard to the shortening of IPO settlement cycle, the current T+5 timetable is set up not only due to paper application, but also due to the clearing time of application monies. If brokers and custodians can guarantee the fund on their clients’ application monies, then the timetable can be speeded up by 1 more day. In my view, T+3 would be doable under the proposed structure, but T+2 would be difficult to achieve.”
(2019年1月28日) 【無紙化諮詢】新股不再有紙本證券 現持實物股票將設限期
(2019年1月29日) 港交所證監會聯合諮詢 實物股票將成歷史 港股擬推無紙化
(January 14, 2019) “China’s Tale of Two Markets” on Caixin Media – Pamela’s insights on HDR
Pamela Chung, Tricor’s Managing Director, Commercial of Hong Kong, was quoted on Caixin Media, a leading Chinese business media. She shared her perspective on why Hong Kong Depositary Receipt Framework (HDR) is less assimilated to the Hong Kong market, comparing the phenomenon to “plants not accustomed to certain climates”. Pamela, an expert of IPO investor services, was among the leading industry figures ranging from fund managers, private equity companies to law firms invited for the interview.
(2019年01月14日) 《财新周刊》 2019年第02期 港股镜鉴
Above: Excerpt from the article. Please refer to this link to view the article in full.