I could not stop laughing when I read : “Prudential’s surprise announcement that it will list in Hong Kong, following its US$35.5 billion decision to buy over rival AIG’s Asian operations, has led market watchers here to wonder why the UK life assurance giant did not pick Singapore instead for its secondary listing.”
Come off it BT. Isn’t it blinding obvious why the Pru chose HKEx?
You reported a few days ago that last year, HKEx was the global leader in new listings, raising more than US$30 billion worth in 73 IPOs. SGX’s 23 new listings raised US$2.35 billion, based on Bloomberg data. And according to an Ernst & Young study, Singapore was falling behind Kuala Lumpur and Sao Paulo in terms of capital raised from IPOs up to November last year.
So isn’t it blinding obvious why the Pru chose HKEx?
OK you reached the above answer finally, but was there even a need for the article? I mean the only market watcher quoted was a retiree, small investor who often talks rubbish.
Oh and since I’m bashing BT, a few weeks ago, ST and BT reported that according to DBS, a S$ billion listing was coming SGX’s way. We now know that China Real Estate Opportunities, one of the biggest companies on London’s AIM, may abandon its UK listing to be quoted in Singapore. I don’t know anything of this company, but I do know of some strange goings on at a couple of other China-related companies listed on AIM.
I sure hope these type of shenanigans remain out of S’pore. But looking at Sino-E and friends, I am not optimistic.
Update 2 May 2010
Pru is now doing a secondary listing on SGX, in addition to its HK primary listing. Rumour has alleged that GIC, an underwriter of Pru’s coming rights issue, persuaded Pru to this. Note that more Pru shareholders want to kill the deal on the ground that a champion dog is buying a mongrel.