Articles: HKEx/SFC: Exchange Merger
Terms of Engagement
Terms of engagement have now been agreed between
the Hong Kong Stock and Futures Exchanges. In this article, for the first
time Webb-site.com shows you what the combined profits and earnings
per share of the HKEC
have been. This deal is so sweet that almost nobody will accept the
partial cash alternative of $3.88 per share. We tell you what the shares
are really worth, particularly in the absence of effective tariff controls
- you will be amazed!
(6-Aug-99)
Icing
on the Cake
In the latest development in the proposed merger of the
Hong Kong Stock and Futures Exchanges, it has been suggested that HKEC
will underwrite the value of trading rights by offering to buy them back
from brokers, in addition to giving them shares in the new company. We
explain how future technology will create a surplus of trading rights, and
that HKEC will end up buying something that nobody else wants. We argue
the case for nationalisation of the exchanges. (26-Jul-99)
Government Concessions Widen Value Gap
The Hong Kong exchanges are at loggerheads over their merger valuations, with a key
sticking point being the value of HKSCC. The Government is responsible for this, having
made a U-turn on its earlier position that HKSCC should not be attributed any value. This
is one of a series of concessions they have made in an effort to avoid a showdown with
small brokers. We take you through the valuation debate and the wider issues discussed in
the latest policy paper. (13-Jul-99)
Serving the Public Interest?
With the negotiations on the proposed merger and flotation of the Stock Exchange and
Futures Exchange slowly inching their way forward, we take another look at the inevitable
problems that are created by floating a monopoly which on the one hand has a duty to
maximise returns to its shareholders while on the other is supposed to serve the public
interest. (14-Jun-99)
Flotation of Exchanges not
in the Public Interest
Why the HK Government's proposal to merge the stock and futures exchanges is
commendable, but the proposal to float the merged entity is against the public interest.
(3-Mar-99)
Sign up for our free
newsletter
Click to
recommend Webb-site.com to a friend
Back to top
|