CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Tom.Com To List On-Line Subsidiary

Tom.Com To List On-Line Subsidiary

by Mary Swire, Investors Offshore, Hong Kong

29 December 2003


Hong Kong conglomerate Tom.com was finally given permission last week by Hong Kong Exchanges & Clearing (HKEx) to spin off its Internet unit, Tom Online, which has developed a range of mainland on-line services.

The company announcement that it had submitted an application to the stock exchange on Christmas Eve for a separate Growth Enterprise Market (GEM) listing of Tom Online shares, but said that final decisions had yet to be made on the timing of the listing. HKEx had previously refused permission because Tom Online includes recently-acquired subsidiaries without the requisite two years trading record, but the company threatened to bypass HKEx and go straight to Nasdaq.

Now it is likely that there will be a global offering including at least Nasdaq and GEM components. "The exact structure of the proposed spin-off will be decided by the directors in due course" company secretary Angela Mak said in the announcement, adding that it will likely be a global offering. Citigroup is the lead underwriter.

HKEx has however required Tom.com to offer existing stockholders access to Tom Online shares either by way of a dividend or through a preferential application process. In a massively hyped IPO in 2000, shares of tom.com started trading on the five-month-old GEM after the stock exchange reduced its financial track record requirement from two years to one year and relaxed other rules in order to compete with Nasdaq.

Tom Online competes against mainland operators Sina, Netease and Sohu, all with Nasdaq listings which have powered ahead this year. In the four years since Tom-com's listing, it has made more than 30 acquisitions, including a number of mainland media companies.


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »