Webb-site Adviser League Table notes
- The League Table covers companies and REITS with a primary listing on either the Main Board or Growth Enterprises Market (GEM) of the Stock Exchange of Hong Kong Ltd.
- For a detailed explanation of Webb-site Total Returns, click here.
- There are two types of adviserships: those which are "1-time" transaction-based, such as a fairness opinion in a circular, and those which are continuing relationships, such as auditors or bankers. For 1-time adviserships, the returns are measured over a chosen fixed period from the date of the appointment, or up to the latest trading date if sooner. For continuing advisers, the returns are between the chosen dates, or for the duration of the relationship if that starts later or ends earlier.
- In the League Table, click on an adviser's name to see the underlying adviserships, total returns and CAGRs for each client.
- On the adviserships page, click on the adviser type (e.g. "compliance adviser") to go back to the League Table. Click on a client name to see all the advisers of that client. Click on a total return figure to see the chart of total return for the ordinary shares or units of that client. If no date range is specified for a continuing adviser, then click on the "Current" button to show only current adviserships, or click on the "History" button to show former positions. Entering a date overrides this.
- If an adviser was appointed while a stock was suspended or before listing, then returns are measured from the first day of trading thereafter.
- Periods of less than 180 days are ignored in the CAGR, because shorter periods produce more distorted annualised returns.
- If a client has appointed the same adviser more than once, then the average CAGR includes all such appointments, so it is weighted towards companies which the adviser has served more often. For example, if an adviser has acted as "independent financial adviser" on 5 occasions, then the annualised return since each occasion will be included in the average.
- Positions are only accredited if found in corporate disclosures, not self-accredited by the adviser.
- We try to capture all appointments as they become known. In the case of adviserships disclosed in annual reports (such as bankers and lawyers), we take the date of appointment to be the date of the directors' report in the annual report. This is usually the date of the final results announcement, although the annual report is published later. Likewise, the first annual report in which the advisor ceases to appear is taken as the date of cessation.
- For an Independent Financial Adviser (IFA), reporting accountant or 1-time valuer under the Listing Rules, we take the date of the circular containing the adviser's letter or report. Caution: this does mean that by the time of the appointment, the market price often has already reacted to the proposal in the circular.
- For an appointment of an auditor, we take the date of appointment or, if it is subject to shareholder approval, then the date of approval. In the case of an IFA under the Takeover Code, we take the date from the announcement of appointment.
- The database covers all adviserships since 1990. Please contact us with any errors or omissions.
- For "IFA (Takeover Code)" and "FA to offeror", these roles are under the Takeover Code, and may relate to successful privatisations, in which case there will not be 180 days after that to measure returns. However if the listing is maintained after a general offer (as it often is), or if the offer fails to become unconditional, then there will be a subsequent return which may be lower than market returns due to the ending of the general offer. The IFA role may also be related to seeking independent shareholders' approval of a "whitewash waiver" in which a change of control occurs without a general offer.
- For advisers which have only had a few appointments, the average CAGR may be less significant. Their clients may have encountered good fortune or misfortune, or their clients' stock may have been pumped or dumped.
- There is not necessarily any causal relationship between advisers and returns, and none is implied by Webb-site.
- As always, click on a column-heading to sort.
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