Morgan Stanley has usurped rivals including Deutsche Bank, Citigroup, Credit Suisse and Goldman Sachs to lead the relaunch of a US$1.45 billion IPO - Hong Kong's second-largest this year - in an unusually brutal shuffling of banks' roles on a big deal.[HONG KONG] Morgan Stanley has usurped rivals including Deutsche Bank, Citigroup, Credit Suisse and Goldman Sachs to lead the relaunch of a US$1.
The top-ranked banks in a Hong Kong IPO are known as sponsors, who carry legal liability for the accuracy of the prospectus. Under them are joint global coordinators. The bottom rung are joint bookrunners , who collect orders from would-be investors but do not usually play a bigger role. This time however Morgan Stanley is leading investor meetings for the deal in London on Wednesday, continuing a roadshow which has already taken in Singapore and Hong Kong and will head to New York on Thursday.
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