Insights from Pamela Chung

January 14, 2019

Read the latest insights from Pamela Chung, Tricor’s Managing Director, Commercial of Hong Kong:

WVR

 (April 23, 2019)  [Oriental Daily – Financial News] 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01月14日) 【東方日報 – 財經】港吸生科企上市膺三甲
有「新股女王」之稱、卓佳香港商務部董事總經理鍾絳虹表示,容許WVR公司在港上市,就如打開「一扇窗口」給那些同股不同權、市值大的公司來港上市,這些公司集資額大、具指標性,同時能夠推高香港在全球新股集資額排名,並且帶來市場推廣效應,「但這個窗口會不會吸引更多WVR的大公司來港上市,很視乎市場變化,歸根究柢都要能令投資者有錢賺!」

(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 competitivness:

It 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.

2019328日)【交易直播室普通話】卓佳香港商務部董事總經理鍾絳虹專訪

卓佳香港商務部董事總經理鍾絳虹獲邀接受「交易直播室」主持潘姿伶訪問,分享她對香港在全球IPO市場中的角色的最新見解:

2019市場前景和主題

鍾絳虹指出,目前暫時難以準確估計來年走勢,始終目前第一季完成的IPO項目都是承接去年因市況不明朗因素而順延至今年上市的企業,但相信年底前相信有機會見到大型企業來港上市帶動大市氣氛。

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)」。

無紙化證券市場簡化新股發行流程

要減省新股發行的所需時間,讓香港業界達成公識、制度上稍作改動並非異常困難的事。但前提是,要等待無紙化證券市場實施後,IPO不用再發行紙本證券,便或可減少結算時間。以目前新股的T+5結算週期計算,鍾絳虹認為最終結算期或能減至T+3。

讓香港保持競的建議:

上海科創板等內地證券交易所對部分有意上市的企業無疑別具吸引力,但直到今時今日,香港仍然擔當「跳板」的角色,被國際企業或內地公司與國際企業的合資企業視為上市第一選擇。

資本市場看的都是時機,因此目前來港上市的企業主要分兩種:尋找內地合作伙伴、在內地鋪設網絡的國際企業,以及積極於海外合併或海外投資的內地企業。

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。

replace-pamela

(Mar 18, 2019) [Apple Daily – Boss Talk] Comradeship and trust come first. IPO Queen: Investment Bankers rely on camaraderie to handle deals

Many may equate investment bankers with greed and the “no money no talk” philosophy, but Pamela Chung, who is Tricor’s Managing Director, Commercial, Hong Kong, has a different view. Having handled over 600 IPO cases so far in her career, Pamela has also built up a supportive and trusted network of investment bankers who she knows always handle deals with professionalism and camaraderie.

With her moving to Tricor last year, Pamela cited support from many investment workers, who introduced her to new clients. Many also attended her Christmas party which Tricor organized to celebrate the success.

For every IPO case, working together with investment bankers, lawyers and professionals of different backgrounds is not dissimilar to putting together a show. Given the complexities of regulatory approvals and other last-minute events which may postpone an IPO or even lead to its cancellation, it really takes perseverance for the entire team: the show must go on.

Throughout her career from Jardine Matheson, Computershare to Tricor now, Pamela believe that apart from loyalty and trust, knowledge is the fundamental key to success. Staying in the same job for too long may slow down personal growth. Especially if you are not successful or happy in your current role, then it’s time to move on. Yet for professional industries, it takes time to build experience and know-how. If only staying in a position briefly, then there’s not enough time to build trust and enable integration based on previous learnings.

2019318)【蘋果日報 – Boss Talk】情與義值千金!新股女王:做刁嘅iBanker都有義氣!

提起iBanker(投資銀行家),你想起什麼?貪婪?講金不講心?有「新股女王」之稱的卓佳香港商務部董事總經理鍾絳虹,與iBanker打交道逾廿年,她坦言,金融圈人情紙薄是一定,但「做刁(deal)嘅iBanker好講義氣!」。因為有義氣,才能捱過新股上市期間無數的困難,獲得客戶的信任,繼而有下一單生意。

鍾絳虹多年來參與至少600隻新股上市,投行及律師為她冠以「IPO Queen(新股女王)」。一宗新股,集合不同背景的iBanker、律師及其他專業服務人士,要求團體合作。鍾絳虹說:「好似唔同劇團嘅人join埋一齊,聯合演出一台戲。」

戲上映前,要花大量人力物力,例如要付高昂的律師費,又要應付監管機構的質問審批,去到最後一刻,往往發生意想不到的事情,處理不當會令新股上市延遲,甚至取消。「呢個時候就要有少少the show must go on嘅精神」。鍾絳虹曾說過,投行界合作時的友誼只是過眼雲煙,但去年她毅然離開工作了四分一世紀的中央證券登記,轉投卓佳,令她有新感受,「有啲banker都好支持,仲會同個客推薦我,話我真係信得過……始終唔同公司、唔同行業,做乜要幫你出聲啫?但原來真係會有人撐架。」去年聖誕節,卓佳為鍾絳虹舉辦聖誕派對,多位合作多時的iBanker都賞面出席,順道恭賀她事業更上一層樓。

鍾絳虹畢業後第一份工作是在英資怡和擔任公司秘書助理,後來跳槽到中央證券工作,直至去年才轉工到卓佳,在金融界裡算是罕見。她坦言,當年轉投中央證券,只是打算做兩年,但做下去很有成功感,一晃眼就25年。她認為,要成功「做好你份工」,除了義氣和信任,知識亦很重要,「啲人成日唔轉工唔好,係無進步。若你做事覺得唔成功、唔開心,你梗係要轉工啦!但若是從事專門行業,其實做得唔夠耐係浸唔夠,浸唔夠就唔會有足夠嘅經驗同知識。停留太短時間,唔夠你去建立你嘅信字,亦冇咗融會貫通嘅能力。」

Above: Excerpt from the article. Please refer to this link and this link to view the articles in full.

 Pamela-coverage1

(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

  • 紙本實物股票將會成為歷史!港交所(388)、證監會及證券登記公司總會進行聯合諮詢,為在港實施無紙化證券市場提出具體方案,其中IPO將不再發行紙本證券,或可減少一日結算時間。另外,投資者手上的實物持股亦將設限期。
  • 發行新股不再提供紙本選擇,是否能縮短新股的T+5結算週期,拉近定價與掛牌日?卓佳董事總經理、「新股女王」鍾絳虹稱,結算週期除視乎申請實物白表IPO的投資者數目外,技術上新股申請的託管人如能保證申請資金,則可減少一日的結算時間,她認為最終結算期或能減至T+3,減至T+2較難做到。

Above: Excerpt from the article. Please refer to this link and this link to view the articles in full.

HDR

(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

“HDR在香港水土不服。”香港证券登记服务公司卓佳集团董事总经理钟绛虹对财新记者说,HDR的作用是给基金经理用来对冲因不同时区产生的同一家公司的股票差价,流动性并不高,且由于需要经过托管银行处理凭证,交易成本更高。

Above: Excerpt from the article. Please refer to this link to view the article in full.

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