Placing and Underwriting
Our Group provides placing and underwriting services by acting as underwriter, subunderwriter, placing agent or sub-placing agent in fund raising activities conducted for companies listed or to be listed on the Stock Exchange. We also assist companies listed or to be listed on the Stock Exchange in securing investors.

Fund raising activities are normally conducted either on a best effort basis or on a fully underwritten basis. When we are engaged as a placing agent or sub-placing agent on a best effort basis, we have no commitment to purchase or acquire any of the securities offered by the listed issuers or securities-sellers.

When we are engaged as an underwriter or sub-underwriter on a fully underwritten basis, we commit to purchasing the securities offered by the listed issuers or securities-sellers and in such number as agreed by us in advance, and we are therefore obliged to take up any unsubscribed portion of the securities for our own account. Accordingly, we also act in the capacity as a placing agent to place as many as shares we can to the effect that no underwriting obligation will be triggered.

In providing placing and underwriting services to our customers, we used to engage other brokerage firms to act as sub-placing agents in order to leverage their distribution capabilities to increase the chances of success in the fund raising exercise and to share the risk of under-subscription among syndicate members.
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