Asia IPO bankers con­tinue game of mu­si­cal chairs with UBS moves

The Star Malaysia - StarBiz - - Foreign News -

HONG KONG: The re­cent game of mu­si­cal chairs is con­tin­u­ing for bankers sell­ing ini­tial pub­lic of­fer­ings in Asia, with UBS Group AG the lat­est to an­nounce changes.

UBS ap­pointed Han­nah Mal­ter as Asia head of eq­uity cap­i­tal mar­kets syn­di­cate, ef­fec­tive im­me­di­ately, it said in an in­ter­nal memo yes­ter­day ob­tained by Bloomberg.

Mal­ter, who for­merly worked as Asi­aPa­cific chief of staff at the bank, is get­ting the new role just weeks af­ter re­join­ing the ECM team to fo­cus on Asia-into-US IPOs.

It was only last month that UBS re­struc­tured its cap­i­tal mar­kets group in Asia, com­bin­ing the busi­nesses that han­dle stock of­fer­ings and debt sales under a sin­gle leader.

UBS also an­nounced it was pro­mot­ing for­mer syn­di­cate head An­drea Casati to vice-chair­man of Asia Pa­cific ECM, the memo shows.

A spokesman for UBS con­firmed the con­tents of the memo.

The moves come at the be­gin­ning of what is ex­pected to be a ban­ner year for list­ings in the re­gion, driven by share sales from Chi­nese tech­nol­ogy com­pa­nies.

Smart­phone maker Xiaomi Corp is pre­par­ing an IPO in Hong Kong with a tar­get val­u­a­tion of as much as US$100bil, while food re­view and de­liv­ery app Meituan Dian­ping is plan­ning a list­ing at a val­u­a­tion of at least $60 bil­lion, peo­ple with knowl­edge of the mat­ter have said.

The changes at UBS come as the bank fights a ban on spon­sor­ing ini­tial pub­lic of­fer­ings in Hong Kong.

They’re not the only moves in the city. Su­nil Dhu­pelia, who was an ex­ec­u­tive di­rec­tor at the Swiss firm, is join­ing Credit Suisse Group AG’s eq­uity cap­i­tal mar­kets syn­di­cate team, peo­ple with knowl­edge of the mat­ter said last week.

Dhu­pelia will take over some of the re­spon­si­bil­i­ties that were held by 13-year Credit Suisse veteran Tucker High­field, ac­cord­ing to the peo­ple.

High­field, who was head of Asia-Pa­cific eq­uity syn­di­cate, is leav­ing Credit Suisse to join Bank of Amer­ica Corp, other peo­ple with knowl­edge of he mat­ter said last week.

As the bankers trade places, more deals are get­ting ready to launch. Ping An In­sur­ance (Group) Co, China’s big­gest in­surer by mar­ket value, started gaug­ing de­mand yes­ter­day for a planned list­ing of its Good Doc­tor health­care app.

Eq­uity of­fer­ings in Hong Kong have al­ready raised US$20.3bil in the first quar­ter this year, the high­est in at least a decade, ac­cord­ing to data com­piled by Bloomberg.

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