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HKEx Publishes Consultation Paper on Proposed Changes to the Requirements for Listing Debt Issues to Professional Investors Only
December 17, 2010--Hong Kong Exchanges and Clearing Limited (HKEx) published a consultation paper today (Friday) on proposed changes to the requirements for debt securities for professional investors only (currently referred to in the Rules as listing by selective marketing.)
The proposals include:
Presenting the Rules in more accessible language.
Unifying the definition of professional investor in the Rules with the definition in the Securities and Futures Ordinance.
Removing provisions relevant only to retail investors from the eligibility requirements for applicants.
Replacing the current detailed disclosure requirements in listing documents with an obligation to include information that is customary for offers of debt securities to professionals. Existing requirements to include responsibility and disclaimer statements in prescribed forms and a statement limiting distribution of the offering circular to professionals will be retained.
Streamlining the application procedures for applicants and the vetting and approval procedures within the Listing Division.
Removing provisions relevant only to retail investors from continuing obligations.
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Source: Hong Kong Exchanges and Clearing Limited (HKEx)
HKEx Exchange to streamline its document requirements
December 15, 2010--The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), has decided to amend the Listing Rules to remove the requirements for issuers to file printed documents with the Exchange. The Rule amendments will become effective on 1 January 2011.
The changes are part of our continuing efforts to streamline our document requirements and to reduce paper consumption” said Mark Dickens, the Head of Listing.
Under the amended Rules issuers will no longer be required to submit printed copies of various documents to the Exchange, including:
Financial reports;
Takeover documents;
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Source: Stock Exchange of Hong Kong Limited (HKEx)
Thai bourse revises SET50 & SET100 Index constituents for H1/2011
December 15, 2010--The Stock Exchange of Thailand (SET) has selected eligible securities as the constituents of the SET50 and SET100 indices for H1/2011 (January 1- June 30). The review was based on market capitalization for Q3/2010 and trading data of eligible securities during December 1, 2009 to November 30, 2010, SET Group Head, Products Business & Development, Ms. Kesara Manchusree said.
There are six newcomers in the SET50: BTS Group Holdings PCL (BTS), Dynasty Ceramic PCL (DCC), Kiatnakin Bank (KK), Robinson Department Store PCL (ROBINS), Sahaviriya Steel Industries PCL (SSI), and Sri Trang Agro-Industry (STA). There are also three newcomers in the SET100: Siam Global House PCL (GLOBAL), Kulthorn Kirby PCL (KKC), and Stars Microelectronics (Thailand) PCL (SMT)
The SET50 Index is composed of the top 50 eligible securities and the SET100 from the top 100, with 5 securities in the replacement list of each index.
For details on the selection criteria and method of calculation, please see www.set.or.th/set50 or call S-E-T Call Center 0 2229 2222
Source: Stock Exchange of Thailand (SET)
China bank to launch fund of funds
Decmber 15, 2010--China Development Bank, the state-owned lender that owns part of the UK’s Barclays Bank, is set to launch the country’s first private equity fund of funds in a sign of how rapidly the Chinese private equity industry is maturing.
With direct approval from the State Council, China’s cabinet, the fund of funds is scheduled to raise a total of Rmb60bn ($9bn), providing a huge boost to the burgeoning domestic private equity sector.
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Source: FT.com
Wen brings finance to cement India ties
December 15, 2010--China has launched a bold financial plan to deepen its economic engagement with neighbouring India in a bid to strengthen ties between the world’s fastest growing large economies
On his first visit to New Delhi for five years, Wen Jiabao, China’s premier, said his 300-strong business delegation had struck $16bn worth of deals with Indian partners, underwritten by finance from Chinese banks
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Source: FT.com
Change Of Name: CIMB FTSE Xinhua China 25 To CIMB FTSE China 25
December 14, 2010--Bursa Malaysia announces the change in the name of an exchange-traded fund (“Fund”):
Old Name: CIMB FTSE XINHUA CHINA 25
Old Stock Short Name : CIMBX25
New Name:CIMB FTSE CHINA 25
New Stock Short Name: CIMBC25
The Fund's units will be traded and quoted under the new name with effect from 9:00 a.m., Thursday, 16 December 2010. The stock number remains unchanged.
Source: Bursa Malaysia
DB Global Equity Index & ETF Research: Asia Pacific ETP Market Weekly Review
December 13, 2010--Market Overview
There are 250 equity based ETFs in the Asia Pacific region with 346 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM accounting for 39.34% of the whole market, whilst China has the largest market share by turnover with 38.45%.
There were six new listings, including one cross listing, last week. Samsung Inv Trust Mg launched an ETF on the Korea SE tracking the Maekyung FnGuid Core Consumer Index. Blackrock launched four ETFs tracking S&P/ASX Small Ord. Index, S&P/ASX 20 Index, MSCI Australia 200 and S&P/ASX Dividend Opp. Index, on Australia SE. BOCI - Prudential Asset Man Ltd cross listed an ETF on Taiwan SE tracking the SSE 50 China Index
Turnover
Monthly average daily turnover declined 6.7% in the last week. Turnover for the previous week was USD 1,383m. The largest ETF by turnover was the iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker issued by BlackRock with USD 252m accounting for 18.2% of total turnover.
Assets Under Management
AUM remained at about the same level in the previous week. AUM as of December 10th was USD 75.1 bn. The largest ETF by AUM is the TOPIX ETF managed by Nomura Asset Management with AUM of USD 7.8bn.
To request a copy of the report
Source: DB Global Equity Index & ETF Research
Korean ETF Market Forecast to Surge on Products for Grains, Raw Materials
December 13, 2010--South Korea’s exchange-traded funds market is forecast to grow 67 percent in the next 12 months as the country’s bourse introduces products tracking raw materials, grains and corporate bonds, a stock exchange official said.
The value of ETF assets in South Korea, the fourth-biggest market for the products in Asia, may expand to about 10 trillion won ($8.8 billion) by 2011, according to Park Seong Rae, executive director of the Kospi market division at Korea Exchange Inc. That compares with 5.99 trillion won currently, bourse data show.
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Source: Bloomberg
SME board: opening the new thought of multi-layer capital market
December 13, 2010--With the SME board coming into being in 2004, the new era of cultivating the SME growth began. More importantly, since then, China’s securities market embarked on the path to the deep development and the idea of multi-layer capital market was put into practice, which gathered experiences and strength for the launch of ChiNext board.
Thanks to the past five years, the ChiNext board was born in 2009 with the wonderful significance. And the birth of the ChiNext board arising from Chinese wisdom, is not only a historical coincidence but also the historic corollary, embodying the adapted wisdom of the market builders to set up the multi-layer capital market. At this aspect, we can regard the launch of the SME board as the herald of the era of multi-layer capital market.
Liu Hongru, the former chairman of the CSRC, said that the capital market mainly served the transformation and structural reform of stated-owned enterprises twenty years ago, and nowadays, the market shall serve the transform of economic development patterns and support the adjustment to the economic structure and development of technology innovation enterprises. In other words, this is the historic change and during the transformation, it is very important to put much effort to develop the multi-layer diversified capital market system.
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Source: Shenzhen Stock Exchange
"Shanghai Stock Exchange Strategic Plan (2011-2020)" Published
December 13, 2010--Vice President Liu Xiaodong of the Shanghai Stock Exchange (SSE) briefed the media on and answered questions of reporters about the "SSE Strategic Plan (2011-2020)" at a news conference on strategic plan held by the SSE, which will celebrate its 20th birthday soon, in Shanghai on December 10.
After elaborating on the SSE's strategic goals and implementation measures, Liu stressed that the SSE would go all out to fulfill its ultimate aim of building itself into a world-class bourse with improved market, sound legal system, state-of-the-art technology, efficient operation and global radiation by pressing on with five aspects of work by three stages. In the short term (from 2011 to 2013), the SSE would highlight over 100 specific work included within 37 tasks.
According to its long-term strategic development objective, by 2020, the SSE would grow into one of the most influential bourses in the world, boasting a mature stock market, an improved bond market, a highly developed fund market, an abundance of securities derivatives and an increasingly rational investor structure.
During the second phase of the strategic plan from 2014 to 2016, the SSE is expected to evolve into a major capital market in Asia with a more favorable competitive position in the world arena thanks to its efforts in market deepening, self-regulation supervision, technical service, mechanism construction and international cooperation.
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Source: Shanghai Stock Exchange (SSE)
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