Offbeat Chinese brokers test top dog Goldman in record IPO year

13:55  27 october  2020
13:55  27 october  2020 Source:   de.reuters.com

Largest IPO ever? China’s Ant wins HK nod for $35bn dual listing

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Chinese brokerages are having a bumper year for equity dealmaking, with Ant Group’s multi-billion-dollar initial public offering poised to boost their That’s the biggest share in records going back two decades. Chinese brokers set to take 3 of the top 10 global seats in IPO deals. Source: Bloomberg.

Top Losers. World ADRs. Marijuana Stocks. But while past capital-gains tax hikes have been associated with declines in equity prices and in total household equity allocations, Goldman said, the trend of net Rising economic growth expectations should support higher equity allocations next year .

(Bloomberg) - Chinese brokers can look forward to a great year in IPOs. In the global ranking, they have reached the highest positions in at least two decades, to which Ant Group's multi-billion dollar debut also contributes.

Leading the way is China International Capital Corp. (CICC) thanks to a plethora of Chinese transactions, an economy shaking off the pandemic, and liberalization of local capital markets. If Ant completes its IPO over the projected record volume of $ 34.5 billion , CICC will likely overtake US giants like Goldman Sachs Group Inc. and Morgan Stanley this year, according to data compiled by Bloomberg.

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Ant planning record billion IPO . Ant Group, the world's most valuable fintech company, filed plans for a dual- initial public Alternative energy and green-tech stocks in the Biden basket, for instance, have outperformed traditional energy and fossil fuel companies, among the top winners from Trump’s

(Bloomberg) — Two of China ’s top online brokers for trading overseas stocks are preparing to face off in the U.S. market. The Chinese securities firms are following in the footsteps of companies like Interactive Brokers Group Inc., which has grown into one of the biggest electronic brokers in the U.S

As a group, Chinese securities firms will occupy nearly half of the top 50 underwriting positions after receiving mandates from local companies looking to capitalize on the country's recovery from the coronavirus pandemic. A flare-up in tension between the two world superpowers has also sparked a wave of additional listings in Hong Kong by companies like Netease Inc. and JD.com.

"China's robust pipeline compared to other parts of the world has put leading Chinese brokers at the top of the lists," said Wang Jiyue, former banker and author of The Star Market Way, a chronicle of the new Nasdaq-like Chinese trading platform .

Twenty-four of the world's top 50 underwriters this year are from China, up from 15 in 2019. Together, they had a combined market share of around 31% compared to 18.5% last year, the highest figure in data going back two decades.

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Alibaba Group’s staggering initial public offering ( IPO ) of billion shattered all records and became the largest IPO ever. Chinese companies comprise three of the top five IPOs . Companies go public via an IPO to raise capital for their businesses, with some IPOs raking in

Goldman Sachs has joined the growing list of investment banks working on Chinese financial technology firm Ant Group's huge initial public offering , two Wall Street major Goldman Sachs has been hired as a joint lead manager on the Hong Kong leg of the IPO , said the people, who declined to

China Surge © Bloomberg China Surge

CICC plays a prominent role in Ant's mainland and Hong Kong debuts. Together with its Chinese competitor CSC Financial Co., the brokerage house is the lead manager in Shanghai, while a number of US investment banks are working on the IPO in Hong Kong, including Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley.

Chinese brokers will continue to sharpen their profile, expects Stephanie Tang, Head of Private Equity for Greater China at the law firm Hogan Lovells. "Some banks see themselves as an important bridge between the Chinese market and the international market."

China's IPOs are up about 60% this year, twice as much as in the US, data compiled by Bloomberg shows.

At the same time, more and more Chinese companies are bringing quotes back to Hong Kong, allowing mainland brokers to better compete with well-established global banks in the Asian financial hub.

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Chinese fintech sets IPO record . Source: Bloomberg. Ant’s IPO was expected to attract investors from all over the world and that’s borne out in the demand for shares. Brokers were willing to lend individual investors credit worth 20 times their investment so they could load up on the shares.

Goldman Sachs, UBS and Credit Suisse were underwriters on the deal. Proceeds will be used for “This poor relative performance of Chinese IPOs in the U.S The Chinese entity, which is usually owned by top executives, pays fees and royalties to the offshore company in contractual arrangements.

"Many Hong Kong IPOs come from companies in mainland China that have a stronger stake in Chinese brokers," said Shen Meng, director of Beijing-based boutique investment bank Chanson & Co. "American brokers who previously entered the IPO market Hong Kong dominated, are now only involved in a few extremely large deals. ”

Despite climbing the rankings, Chinese brokers are still dwarfs compared to their counterparts on Wall Street. The 131 registered companies in the country come together on the assets of Goldman Sachs.

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China Brokers Challenge Goldman With Best IPO Ranking in Decades

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Ant Group fiasco reflects battle for China's financial soul .
China's last-minute abandonment of Ant Group's record-breaking IPO stems from an intensifying battle for the soul of the nation's financial system that the fintech giant and its charismatic leader Jack Ma helped to ignite. Global markets were stunned Tuesday when Ant's record-breaking $34 billion IPO was abruptly shelved, frustrating investors eager for a piece of the fast-growing company. The debacle has prompted head-scratching over how the IPO got so close –- shares were to begin trading Thursday -– only to collapse at the finish line.

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