Global, November 1, 2010 – In order to assist its clients in navigating the regulatory complexities involved in listing securities outside of their home jurisdiction and meeting their capital raising goals, Baker & McKenzie is pleased to announce the publication of its Cross-Border Listings Handbook. Written by the Firm’s securities lawyers from various offices around the world, the handbook summarizes the listing requirements for primary or secondary listings on 19 leading stock exchanges, allowing companies and their advisers to compare and contrast them to decide which exchange best meets their needs.
Until recently, only a few prominent securities exchanges dominated global cross-border listings. Now, multiple additional exchanges are emerging as credible players, global sources of capital are becoming more diverse, and companies have more choices than ever when deciding where to list to raise capital. Lawyers from Baker & McKenzie’s Global Securities practice group have increasingly seen opportunities for their clients to expand into other markets, tap new investors, and take advantage of higher valuations and liquidity.
“If chosen carefully, the right exchange for a cross-border listing can provide a number of advantages for a company with multinational operations,” said Amar Budarapu, Chair of the Firm’s Global Securities practice group. “Making the decision on where to list requires weighing a variety of factors, including regulatory requirements, speed of listing, post-listing compliance obligations and cost. We wanted to make this decision easier for our clients by providing them with a resource that will enable them to compare and contrast the different exchange options.”
The Cross-Border Listings Handbook provides a comprehensive reference for CFOs, in-house counsel and compliance professionals on requirements and procedures in the listing process specific to each of the following exchanges:
• ASX Limited
• Frankfurt Stock Exchange
• The Hong Kong Stock Exchange
• The London Stock Exchange (Main Market)
• The London Stock Exchange (AIM)
• The Malaysian Stock Exchange
• NASDAQ
• New York Stock Exchange
• NYSE Euronext in Amsterdam
• NYSE Euronext in Brussels
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• NYSE Euronext in Paris
• The Singapore Stock Exchange
• The SIX Swiss Exchange
• The Taiwan Stock Exchange
• The Stock Exchange of Thailand
• The Tokyo Stock Exchange
• The Toronto Stock Exchange
• The TSX Venture Exchange
• The Warsaw Stock Exchange
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The Firm’s Global Securities practice group has worked on a number of significant IPOs and cross-border listings, including advising 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 Sims Group Limited on its US$1.5 billion on the New York Stock Exchange; a Thai engineering services company, Mermaid Maritime, on its US$170 million international IPO and listing on the Singapore Stock Exchange, among many others.
“Our years of experience in assisting companies with their domestic and foreign listings in major financial markets around the world provided us with a unique perspective to develop a multi-jurisdictional listing handbook with geographical coverage that is unparalleled,” said Frank Castiglia, a partner in Baker & McKenzie’s Sydney office and former head of the Firm’s Asia Pacific Securities Practice. “We expect to see more companies seeking to raise capital outside their home jurisdiction by way of primary or secondary cross-border listings, and this publication will be a useful resource in comparing and choosing the exchanges that will meet their business objectives.”
To further assist companies in determining the best exchange for their purposes, the Firm has also teamed conducted cross-border listing seminars in conjunction with various exchanges, including those located in Hong Kong, London, the United States, Singapore, Toronto, Warsaw and others.