Chairman Chen finds it all too much

The resignation of Chairman Chen of Chunghwa Telecom comes just as banks start pitching for the IPO.

The surprise resignation of Steven Chen as Chairman of Chunghwa Telecom last week has thrown the region's investment bankers into something of a spin. Just last week, Chunghwa sent out a request for proposals to around 15 investment banks to organize and underwrite the former Taiwanese telecom monopoly's international IPO. The deal is set to be structured as a $4 billion ADR issue and the mandate to lead manage it is one of the most prized in the region.

Many junior investment bankers are already working on the pitch books, spending long nights in the office devising clever ways to put their firm at the...

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