Asia Pacific

In this round-up, China’s Purchasing Managers’ Index (PMI) dropped to record lows in February, the Hainan provincial government has stepped in to restructure HNA Group and the updated Securities Law took effect on Sunday.

China’s new securities law went into effect on Sunday, making major changes that will benefit issuers in the ‘enterprise bond’ market much more than their counterparts in the rival ‘company bond' market, according to bankers.

Nomura has established a strategic partnership with Indonesian brokerage Verdhana to boost its equities execution and research in the country.

Chinese biotechnology company InnoCare Pharma has won final approval for its Hong Kong IPO. The next step is marketing the deal, after delayed investor meetings in February.

SBI Cards and Payments Services has kicked off its up to Rp103.4bn ($1.4bn) IPO, with over one quarter of the deal subscribed by anchor investors.

Indonesia’s Buana Finance has returned to the offshore loan market after five years, seeking a $73m loan.

Asian debt borrowers were able to skirt market volatility for much of last week, selling more than $9bn of bonds. But the market slump hit Asia hard as the week drew to a close and the jitters continued on Monday morning.

In this round-up, the growth of novel coronavirus (Covid-19) infections outside China outpaced that reported by the country, Chinese regulators announced more loosening policies and the trade of wild animals for consumption is banned in the Mainland.

In this round-up, the sell-off in equities continues to worsen as Covid-19 spreads, Hong Kong’s financial secretary forecasted a budget deficit of HK$139.1bn for the 2020-21 fiscal year, and China’s January non-financial outbound investment dropped by 9.5% in US dollar terms.

Independent television producer China Bright Culture Group has launched bookbuilding for its IPO, aiming to raise up to HK$1.35bn ($172.9m).

Zhejiang Geely Holding Group Co netted $400m from its bond sale on Thursday, as the market battled falling sentiment.

Three Chinese real estate developers braved a volatile market on Thursday, raising $800m as fears around the coronavirus continued to ravage secondary prices.