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Daily Dispatches – Hong Kong IPOs shoot the lights out in Q4

Hiring is hot(ish) in Hong Kong

Hiring is hot(ish) in Hong Kong

The fourth quarter of 2013 was the busiest on record for Hong Kong listings according to new data from Dealogic published by Finance Asia.

In the past three months 44 companies went to market, with particular activity in December, when Hong Kong accounted for a third of all listings globally.

Total issuance value of $11.3 billion is about double that raised in the same period in 2012, and more than the amount raised in each of the first three quarters this year.

The Hong Kong stock exchange was also the busiest in the world in December, with 17 new listings raising $6.8 billion.

I-banking fees in Asia fall to lowest level since 2008

In contrast with the rest of the world, which has seen a recovery in investment banking fees, Asia has had its worst year since 2008, reports the Wall Street Journal.

Across the Asia Pacific region, including Japan, revenues dropped to $11.7 billion this year, the lowest level since the global financial crisis

Year on year, revenues slumped 10% and are down 26% from a peak of $15.7 billion in 2010.

Bankers blamed the fee fall on subdued M&A activity and too many players in the market forcing revenues down.

Vietnam banks need to tackle bad debts, says PM

Vietnam’s Prime Minister  Nguyen Tan Dung told the central bank the it must work harder to address bad debts in banks, and bring inflation under control in 2014, according to the Wall Street Journal.

He also said partially privatised banks will have to sell more shares and ring fence bad debt. 

Hong Kong warns of market volatility on Fed taper

Hong Kong’s Monetary Authority says the normalisation in US monetary policy will inevitably create market volatility, reports the Wall Street Journal.

“There was substantial fund inflows to emerging markets over the last few years, as a result of the Fed’s quantitative easing. That fund inflow will likely reverse with a gradual [US] recovery. Emerging markets might face the pressure of declining [asset] prices,” said Eddie Yue, acting chief executive of the city’s de facto central bank.

Glum UN growth outlook for emerging Asia Pacific in 2014 

The United Nations says developing Asia-Pacific countries will face another year of sub-par growth in 2014 due to slow recovery, policy uncertainty and protectionism in developed countries

“Asia-Pacific developing economies face the prospect of a ‘new normal’ of lower growth in the coming years, underlining the need for forward-looking macroeconomic policies and intra-regional cooperation,” said the UN Economic and Social Commission for Asia and the Pacific (ESCAP) Director of Macroeconomic Policy and Development Division, Anisuzzaman Chowdhury in a press release.

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