Global, June 30, 2011 – Baker & McKenzie has announced the publication of an expanded and updated edition of its Cross-Border Listings Handbook, which provides CFOs, in-house counsel, financial advisors and compliance professionals information on requirements and procedures in the listing process for 22 different exchanges around the world. The handbook now includes summaries of the listing requirements for Brazilian and Indian exchanges.
In recent years, as capital increasingly moves freely accross borders, there has been an accelerating trend of companies going outside their home jurisdictions to list their securities and attract international equity capital. With thriving economies in Asia Pacific and Latin America, many additional exchanges are emerging as credible players in the international capital markets, and companies have more choices than ever when deciding where to list.
Baker & McKenzie’s Cross-Border Listings Handbook was first published in the fall of 2010 to assist clients in navigating the regulatory complexities involved in listing securities abroad. Since then, lawyers from the Firm’s Global Securities Practice Group have hosted cross-border listing seminars, roundtable discussions, and webinars to assist companies in determing the best exchange for their purposes. The events have been held in conjunction with various exchanges, including those located in Hong Kong, London, the United States, Singapore, and Warsaw.
“We have seen broad interest in cross-border listings, as our clients seek to expand into other markets, tap new investors, and take advantage of higher valuations and liquidity,” said Amar Budarapu, Chair of the Firm’s Global Securities practice group. “We want to make the decision on where to list easier for them and their advisors. We have had a very positive response to the first edition of the handbook and the various cross-border listing events we have recently held, especially among the investment banking community. Given our strength in emerging markets and considering the feedback we have received, the National Stock Exchange of India Limited, the Bombay Stock Exchange, and BM&FBovespa in São Paulo were the obvious next additions to the handbook.”
Also new to the handbook are high-level summaries at the beginning of each chapter, which will help issuers and investment banks easily identify and weigh key factors such as regulatory requirements, speed of listing, post-listing compliance and cost. This information is available in the handbook for each of the following exchanges:
• ASX Limited
• Bombay Stock Exchange
• Frankfurt Stock Exchange
• The Hong Kong Stock Exchange
• The London Stock Exchange (Main Market)
• The London Stock Exchange (AIM)
• The Malaysian Stock Exchange
• NASDAQ
• National Stock Exchange of India Limited
• New York Stock Exchange
• NYSE Euronext in Amsterdam
• NYSE Euronext in Brussels
• NYSE Euronext in Paris
• The Singapore Stock Exchange
• The SIX Swiss Exchange
• The Taiwan Stock Exchange
• São Paulo – BM&F Bovespa
• The Stock Exchange of Thailand
• The Tokyo Stock Exchange
• The Toronto Stock Exchange
• The TSX Venture Exchange
• The Warsaw Stock Exchange
“There is a growing interest in Asian listings, esecially among resource and luxury goods companies,” said Ashok Lalwani, a partner in the Firm’s Singapore office and head of the Firm’s Asia Pacific Securities Practice. “We have years of experience in assisting companies with their domestic and foreign listings in major and emerging financial markets around the world, and this experience provides us with a unique perspective to assist companies seeking to raise capital outside of their home jurisdiction. Few, if any, other firms have the geographic coverage that our securities practice does or the ability to produce this multi-jurisdictional reference guide.”
Baker & McKenzie’s securities lawyers have worked on a number of significant IPOs and cross-border listings, including recently advising WESTA ISIC S.A. and KSG Agro S.A., Ukrainian companies listing in Warsaw; US-based Hexcel Corporation on its Fast Past Listing on NYSE Euronext Paris (along with eight other cross-listings using the Fast Path process); Chinese pharmaceutical company Sinopharm Group on its US$1.3 billion global offering and listing on the Hong Kong Stock Exchange; China-based solar manufacturer, JinkoSolar Holding in connection with its IPO of American Depositary Shares and New York Stock Exchange listing; a Russian oil company on its IPO of shares listed on the Main Market of the London Stock Exchange; Australian mining company Centamin Egypt Limited on its £1.3 billion primary listing on the Main Market of the London Stock Exchange; and a Thai engineering services company, Mermaid Maritime, on its US$170 million international IPO and listing on the Singapore Stock Exchange.
Further information about the Cross-Border Listings Handbook and related activities can be found at
www.bakermckenzie.com/crossborderlisting.