22.12.2010 - Cornerstone investments and ethics
From WSJ: In a cornerstone tranche, well-known, large institutions, including tycoons’ private offices, sovereign wealth funds and sizeable asset management firms commit to buying pre-agreed allocations, irrespective of the final offer price and without a discount. Some funds from the Middle East in particular have featured visibly in some of the largest IPOs earlier this year. The practice, which doesn’t contravene the listing rules in Hong Kong but isn’t explicitly regulated, involves contacting a select group of potential backers a few weeks prior to launch..............................................Full Article: Source
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