Investment banks are required to set firewall between broker and trader department.
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Hong Kong Stock Exchanges is established by members and is a none-profit organization.
Financial sponsors prefer bank loan to the issue of high yield bond in the leverage buy out.
Shareholders of the M&A target firm prefer the cash payment when they think the trading price of target is high.
Strategy buyer is the one that can realize the M&A merits and are more likely to pay higher price to purchase the target.