Investor Presentaiton
་
Cornerstone investors
Cornerstone Investors are usually large institutional investors or well-known individuals who
are given a guaranteed allocation of shares in an IPO;
Cornerstone placings are common, especially in difficult market conditions. Aim = to
demonstrate confidence in the IPO.
Exchange's Guidance Letter (HKEX-GL51-13)
No direct or indirect benefits are allowed to be given by side letter or otherwise to
Cornerstone Investors, except for a guaranteed allocation of shares at the IPO price;
Such practice would be misleading to the public and would violate the principle that all
holders of listed securities must be treated fairly and equally;
▸ The non-disclosure of the existence of benefits would violate the requirements of the Listing
Rules that all material information should be included in the prospectus.
CHARLTONS
易周律师行
18View entire presentation