Going Private Again: When and How to Unwind a Listing
Going private — delisting from the exchange through a takeover by the controlling shareholder or a private equity consortium — is an important ex.
decision·· 10 min
Going Public Is Not the Goal.
It's the Beginning.
A founder's library on listing decisions, market choice and life after the bell.
Strategy notes — not press releases. Written for the founder weighing whether public markets are the right vehicle for what they are building.
Activist Investors After Listing: Preparing the Board
Activist investors in Hong Kong are less common than in the US but are an increasing presence, particularly targeting companies trading below boo.
governance·· 10 min
Earnings Guidance: Give It, Don't Give It, or Give a Range
The decision to provide earnings guidance is one of the most consequential IR policy choices a newly listed company makes.
after-listing·· 10 min
Share Buybacks vs Dividends: Capital Return Strategy in Year Two
Post-IPO companies typically face capital return decisions starting in their second year as a listed company.
after-listing·· 10 min
Post-IPO Communications: First Earnings Call Playbook
The first post-IPO earnings call is the company's most important public communication event.
after-listing·· 10 min
Stabilisation, Greenshoe and Aftermarket Support
The 30-day stabilisation period following a Hong Kong IPO is a structured process designed to support the share price if it falls below the offer.
process·· 10 min
IPO Pricing Theory: Underpricing, Hot Issue and Long-Run Returns
IPO underpricing — the tendency for IPO shares to trade significantly above the offer price on day one — is a persistent global phenomenon.
process·· 10 min
The Roadshow Re-Examined: Has Virtual Replaced In-Person
The post-pandemic roadshow has evolved into a hybrid model.
process·· 10 min
Dual-Class Shares: Who Should Have Them and Why
Dual-class share structures — where certain shares carry multiple votes per share — are designed to allow founders to retain voting control after.
governance·· 11 min
Reverse Mergers and Backdoor Listings: Cautionary Notes
Reverse mergers — where a private company acquires a listed shell company to achieve a public listing — are superficially attractive because they.
market-choice·· 11 min
Audit Firm Selection: Big Four, Mid-Tier and Sector Specialists
The selection of a reporting accountant is one of the earliest and most consequential pre-IPO decisions.
process·· 11 min
Internal Controls Reality: HKEX A1 Governance Requirements
The internal controls review — typically conducted by an independent internal controls consultant engaged by the sponsors — is one of the most op.
governance·· 11 min
The 18-Month IPO Project Plan: Workstreams and Dependencies
A structured IPO project plan organises the work into five parallel workstreams, each with clear milestones and dependencies.
process·· 11 min
Choosing Sponsors and Underwriters: Selection Beyond League Tables
The standard approach to selecting IPO sponsors — look at the league tables and hire the bank that has done the most deals in your sector — is in.
process·· 11 min
Building an IR Function from Scratch: First Six Months
The first six months of investor relations post-IPO set the tone for the company's relationship with the public market for years.
after-listing·· 11 min
The CFO Role Transformation: Private to Public
The transition from private-company CFO to public-company CFO is arguably the most demanding role transformation in the pre-IPO journey.
governance·· 11 min
Hong Kong vs Nasdaq vs Singapore: A Market Choice Framework
The choice of listing venue is a multi-dimensional decision that extends far beyond the headline index multiples.
market-choice·· 11 min
When to Stay Private: The Case for Permanent Capital Structures
For an increasing number of companies — particularly in sectors with stable cash flows and limited need for growth capital — the optimal capital .
decision·· 11 min
Should You Go Public? Five Questions to Ask Before Hiring Bankers
Before engaging sponsors, before the beauty parade of investment banks, before the A1 filing — there are five questions every founder should answ.
decision·· 11 min
The Hidden Cost of Being Public: A Decade-Long Tally
The direct costs of being public — listing fees, annual listing fees, audit fees, legal fees, investor relations — are well-catalogued and typica.
cost·· 11 min