Asia Pacific

Taiwan’s Ministry of Finance has reportedly asked state-owned banks to take six steps to avoid lending to companies that will end up defaulting. Some of these steps are obvious, others are impractical — and all of them are unnecessary.

Chinese toy company Pop Mart International Group has launched its IPO, looking to fund expansion with up to HK$5.2bn ($674m) in fresh capital.

Singapore banking veteran Eric Lian has returned to UOB in a senior position after a stint at OCBC.

Genius Auto Finance Co, a joint venture between Geely Automobile Holdings and BNP Paribas Personal Finance, is readying a Rmb4.04bn ($614m) Generation 2020-4 retail auto loan securitization. Pricing is expected later this week.

Chinese firm Dada Nexus has launched a follow-on offer of its Nasdaq-listed American depositary shares (ADS). The deal could raise around $521.6m.

The Executive Centre, the Hong Kong-based co-working space operator, has relaunched its $180m five year loan after suspending syndication earlier this year owing to the outbreak of Covid-19.

The Sri Lankan ministry of finance has responded to a Fitch rating downgrade by saying that the country does not ‘accept’ the decision, and has in place a policy framework to tackle its debt obligations and spur economic growth.

Jacobio Pharmaceuticals is preparing to launch the roadshow for its Hong Kong IPO after winning approval to list from the city’ stock exchange last week.

Burger King India is set to launch its Rp8.2bn ($110.5m) IPO this week, after having delayed the deal when the Covid-19 pandemic shut down the country’s markets in March.

In this round-up, the official manufacturing and services Purchasing Managers’ Indexes reach multi-year highs, the bourses in Hong Kong, Shanghai and Shenzhen add pre-revenue biotech companies listed in Hong Kong as well as Star market shares to the Stock Connect programme, and four more Chinese companies will be added to a US list of firms with alleged military ties.

China's Harbour Biomed, a clinical-stage biopharmaceutical company, has hit the road for its up to HK$1.8bn ($230.4m) listing.

In this round-up, China’s banking and insurance regulator decides to allow beleaguered Baoshang Bank to go bankrupt, Hong Kong’s chief executive says pre-profit biotech stocks and some Star companies will be added to the Stock Connect programme, and India moves to ban another 43 China-based mobile applications.