Asia Pacific

A senior JP Morgan banker and head of its China securities joint venture has decided to leave his banking career for a job with a Hong Kong-listed Chinese drugmaker.

In this round-up, China’s banking and insurance regulator explains why banks’ profits slumped nearly 10% in the first half, TikTok’s parent ByteDance says it is suing the US government, and chairman of JP Morgan’s onshore joint venture has left to join a pharmaceutical company.

Oryx Stainless Group, a Dutch stainless steel company, has signed an €80m syndicated loan, refinancing a larger deal and moving some of its borrowing into Thai baht, in a rare secured borrowing base facility in the southeast Asian country.

In this round-up, China’s fiscal revenues tumble 8.7% for the first seven months of 2020, the country’s top court slashes the legal limit on private lending rate, and an investor rights law firm files a class action claim against iQiyi’s owner Baidu.

In this round-up, China and the US are back on track to review progress of the phase one trade deal, American universities have been told to cut their China investments in their endowments, and Huawei Technologies is hit with another ban.

Kingdee International Software Group has raised HK$2.38bn ($306.5m) from an overnight placement of new stock.

Investors are still keen to buy bonds from Hong Kong corporations, with their interest reflected in the solid support for deals from Hongkong Electric Co and Nan Fung International Holdings on Thursday.

Rizal Commercial Banking Corp (RCBC) sold its debut Basel III compliant additional tier one dollar bond on Thursday, becoming the first Philippine bank to do so.

China Jianyin Investment (JIC) and Nanjing Jiangbei New Area Industrial Investment Group were among two Mainland Chinese companies to sell dollar bonds on Thursday.

M&G Real Estate Asia has received a W115bn ($96m) green loan from OCBC Bank to finance a green building in South Korea.

Phoenix Mills, an Indian retail mall developer and operator, bagged Rp11bn ($146.7m) in fresh equity this week from a qualified institutional placement.

Genius Auto Finance sealed a Rmb4.5bn ($651m) three tranche auto loan securitization trade on Thursday, setting the stage for a steady revival of the Chinese auto ABS market.