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Euromoney Bondware's Non-Japan Asia Equity and Equity-Linked Financing for First Half 1997 Rankings
- #1 Market Share in Non-Japan Asia Equity and Equity-Linked Financing
In the first six months of 1997, Morgan Stanley lead-managed approximately US$2.145Bn of non-Japan Asia equity and equity-linked offerings from China, Singapore, Malaysia and Hong Kong. Morgan Stanley has captured a 14.0% market share in a market that has issued approximately US$15.3Bn of equity and equity-linked offerings in the first half of 1997.
An extremely strong second quarter put Morgan Stanley at the top of the Non-Japan Asia Equity/Equity-linked league table for the first half of 1997, eclipsing our closest competitor. Chinese and China-related companies represented the largest portion of our first half total as Morgan Stanley continued to build and strengthen its China primary franchise. Morgan Stanley capitalized on its strong commitment to China through the Firm's extensive CFD relationships, investment in China International Capital Corporation (CICC), leading Asian equity sales and trading position, and high-quality sector research product to bring over US$1.2Bn of new China equity issues to the market.
Lead-managed transactions out of China include:
- Beijing Datang Power IPO (US$466MM)
- Shanghai Industrial Holdings Exchangeable Bond (US$300MM)
- China Eastern Airlines IPO (US$281MM)
- Beijing Enterprises IPO (US$279MM)
- China Resources Beijing Land Convertible Bond (US$173MM)
- China Everbright-IHD Holdings block trade (US$122MM)
Morgan Stanley thoroughly dominated the Singapore and Malaysia equity issuance business by raising approximately US$780MM in markets which are traditionally smaller users of international capital. Lead-managed transactions out of Singapore and Malaysia include:
- DBS Land block trade (US$305MM)
- Rashid Hussain Berhard Exchangeable Bond (US$200MM)
- Wing Tai Holdings Redeemable Convertible Cumulative Preference Share (US$150MM)
- NatSteel Limited Redeemable Convertible Cumulative Preference Share (US$125MM)
The excellent performance across the Asian markets would not have possible without the investment in Morgan Stanley's Asian equity research product (where the number of companies under coverage has increased 56.6% since first-half 1996 to 224), the global nature of our distribution capabilities in Asia, U.S. and Europe and strong corporate finance coverage, both on a country and sector basis.
Key Achievements:
- DBS Land: Largest ever Singapore block trade
- China Eastern Airlines: First sole-sponsored, lead-managed, dual-listed (Hong Kong/New York) Hong Kong IPO for Morgan Stanley
- Beijing Datang Power: Second largest Asian IPO in 1H97 at US$466MM
- Beijing Datang Power: First ever China listing on the London Stock Exchange
- Rashid Hussain: Largest Malaysian convertible/exchangeable transaction since 1994
- China Eastern Airlines, Beijing Datang Power, Beijing Enterprises Holdings: Best aftermarket IPO performance in the 1H97
- Beijing Enterprises Holdings: Most successful Hong Kong public offer at over 1200x subscribed
- Shanghai Industrial Holdings, Kerry Properties, China Resources Beijing Land: Repeat Users of Morgan Stanley ECMS franchise
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