Asia Pacific

The Chinese Ministry of Finance and two other national regulators have concluded their investigations into fraud at Luckin Coffee. They will now impose administrative penalties.

In this round-up, Chinese financial institutions are given another year to comply with new asset management rules due to the Covid-19 pandemic, Luckin Coffee will be punished by the Ministry of Finance for inflating its sales figures, and Ant Group faces a potential antitrust probe that could derail its upcoming jumbo IPO.

China Grand Pharmaceutical and Healthcare Holdings has tapped the equity capital market for HK$1.01bn ($130.9m), boosting its share price over 20% as a result.

Chinese state-owned commodities trader Tewoo Group Co, which has been under financial pressure for more than a year, is facing a possible restructuring.

Shriram Transport Finance Co has scooped up Rp14.9bn ($199m) from a rights issue in India.

Social and sustainability bonds have blossomed in Asia amid the Covid-19 pandemic, with debt bankers expecting more supply from the asset class for the rest of the year.

Each week Keeping Tabs beings you the most interesting and entertaining reading from around the web that we have uncovered. This week, the perils of the EU recovery fund through the lens of the subject of Broadway's hottest show, a menacing whiteness of swans and a grim view of Hong Kong's future in finance.

Eric Bai and Alexander Paul have been appointed to the newly created roles of global co-heads of FIG coverage at HSBC.

Indonesian property developer Modernland Realty is looking to restructure its two outstanding dollar bonds following missed payments and rating downgrades, and after wrapping up a debt restructuring domestically.

In this round-up, China emphasises proactive fiscal policies and flexible monetary policies, Hong Kong disqualifies a dozen pro-democracy candidates from the upcoming legislative council election and the Ministry of Finance tells local governments to use up their special-purpose bond quotas by October.

In this round-up, China’s July Purchasing Managers’ Index (PMI) numbers indicate recovery, Chinese video-sharing company TikTok is under a US national security review and Hong Kong-listed CanSino Biologics is set for a secondary listing on Shanghai’s Star board.

Hangzhou Tigermed Consulting is set to pocket HK$10.7bn ($1.38bn) from its Hong Kong secondary listing, with solid support from Chinese and global investors driving final pricing to the top of guidance.