Asia Pacific

The threat to biodiversity is moving up the agenda of financial markets, but banks are woefully unprepared, a new study has found — in fact, they are actively financing what scientists believe is a mass extinction of species.

HSBC's credit and equities business lines were the standout performers in the global banking and markets division (GBM) in the third quarter, the bank's results showed on Tuesday. Meanwhile, group chief executive Noel Quinn said the firm was adapting its business model to chronic low interest rates.

Ping An Insurance-backed Lufax Holdings has covered its $2.36bn US listing. Global heavyweight investors flocked to the long-awaited deal.

Beijing Hyundai Auto Finance has adopted a revolving structure for its Rmb4bn ($597m) return to the auto loan asset-backed securities (ABS) market.

Chinese biotechnology firm JW (Cayman) Therapeutics is set to close the book for its Hong Kong IPO on Tuesday, a daily earlier than planned, according to a source familiar with the matter.

Chinese financial technology company Ant Group is set to raise $34.3bn from the world’s largest ever IPO, after covering the deal within minutes of launch.

Deutsche Bank has grown its environmental, social and governance (ESG) team in Asia Pacific with a new hire.

In this round-up, China’s fiscal revenue growth turns positive in the third quarter, Sweden becomes the latest to ban Huawei Technologies from its 5G plan, and S&P Global Ratings’ onshore unit secures a licence to rate domestic bonds in the exchange market.

A host of Chinese issuers found one of the last windows to sell bonds on Thursday ahead of the US presidential elections at the beginning of November and a public holiday in Hong Kong early next week.

Gland Pharma, a subsidiary of Shanghai Fosun Pharmaceutical Group, has won approval for its IPO from India’s securities regulator, according to a source close to the deal.

Metals and mining company Vedanta Resources has returned a $1.75bn loan and redeemed a $1.4bn bond after its plan to delist its Indian subsidiary failed to attract enough support.

Lufax Holdings, a personal finance services platform, has opened books for its offering of American depositary shares (ADS). It is aiming to raise up to $2.36bn.