词条 | Public offering without listing |
释义 |
A public offering without listing, often called a POWL deal or a POWL, is a form of public equity offering by non-Japanese firms in the Japanese market, without the previously required simultaneous listing on a local exchange (e.g. TSE). HistoryPrior to 1989, non-Japanese firms that wanted to sell equity into the Japanese market via public offering were required to list on a local Japanese stock exchange.[1] Changes in regulations{{Fact|date=April 2009}} introduced in 1989 allowed this form of public offering by foreign companies published, audited financial statements and with stock that is (or will be) listed on a foreign stock exchange which satisfies the requirements of the FSA. Notable POWL issuanceEquity offerings via POWL have been a common part of Asia regional public offerings since the early 1990s, with Japanese investors often taking more than 20% of the offering through this format.[2] ICBC and Bank of China (Hong Kong) used this format to allow their domestic public offerings to spread into Japan.[3] See also
References1. ^{{cite web|url=http://www.linklaters.com/pdfs/publications/japan/POWL100406.pdf|title=Public Offering Without Listing - "POWL" in Japan|accessdate=2009-04-10}} {{Corporate finance and investment banking}}2. ^{{cite web|url=http://www.asiamoney.com/Article/2054993/Channel/18735/POWL-Catering-to-Japanese-tastes.html|title=POWL - Catering to Japanese Tastes|accessdate=2009-04-10}} 3. ^{{cite web|url=http://www.bochk.com/ir/cra_award_e.html#awards1|title=Bank of China (Hong Kong) - Awards|accessdate=2009-04-10}} 4 : Corporate finance|Stock market|Equity securities|Initial public offering |
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