As Facebook grabs headlines with its impending multi-billion dollar stock market debut, it is tempting to view the flotation of China’s second-largest brokerage as a footnote.
But the initial public offering of Haitong Securities in Hong Kong, although small compared with that of the ubiquitous social network, is an important bellwether for the primary Asian equity capital markets, which have been all but closed so far this year.
If the Haitong deal does come to fruition, as most in the know believe it now will, companies in the pipeline in Asia are likely to take it as a signal that the time has come to pull the trigger on their own offerings.
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