Hong Kong fund management company prepares £100m listing in boost for London
A HONG KONG-based professional services company is preparing to list its fund management arm in London, as the City’s stock market shows tentative signs of recovery.
Amicorp Fund Services UK (Amif) is set to raise about £13m through a main market listing on the London Stock Exchange (LSE) and is eyeing a valuation of £100m, City sources told Sunday Telegraph.
The listing, which is expected to take place this week, will come as a boost to the London stock market which is fighting to remain relevant following an exodus of companies leaving for the New York stock exchange in recent months.
It also comes after the
LSE received a rare vote of confidence last week when the world’s largest natural soda ash producer announced plans for a $7.5bn (£6bn) London float. The LSE has suffered a bruising year, with only two main market listings during the first quarter of 2023 and an 80pc slump in proceeds, according to EY. The Financial Conduct Authority is currently consulting on proposals to water down some of its listings rules to make the LSE more attractive.
Kin Lai, chief executive of Amif, said London’s common law jurisdiction makes it an attractive hub for international investors, compared to other European venues like Paris.
He added: “London retains its status as the world’s leading market for the financial services sector and we believe a listing here will give us the best chance of executing our plan to consolidate the fragmented fund services market. Becoming a listed company is a significant milestone for the group as it will advance our expansion plans.”
Amif provides fund administration and regulatory reporting services to hedge funds, family offices and private equity and venture capital funds across Latin America, Europe and Asia.
Amif ’s listed entity will be headquartered in the UK. Its parent company, Amicorp Group, is based in Hong Kong.
The parent company was mentioned in a recent report by short-seller Hindenburg, alleging that it helped controversial Indian billionaire Gautam Adani create a complicated web of offshore shell companies.
The report also alleged that Amicorp Group played a role in Malaysia’s 1MDB scandal.
Mr Lai said that in both cases, Amicorp has provided all necessary information to regulators and the regulators were happy with the information provided. He added that the company had maintained all regulatory licences.