Asia Pacific

Chinese brokerage Huatai Securities has received one of two approvals needed to spin off its subsidiary AssetMark Financial Holdings in the US.

Kazakhstan is one of the most interesting and exciting investment stories in the equity capital markets given its privatisation plans. But the events surrounding its election over the weekend reminded investors of the risks they face.

Fiat Chrysler spent five months trying to seal a deal with Renault — and then ran out of patience in five days. Either the deal is weaker than it looks, or Fiat's John Elkann should take a deep breath, practise smiling and try again.

Euro and dollar benchmarks issued by Nordea, Lloyds, Korea Housing Finance Corporation (KHFC) and SMBC on Tuesday was a fillip for covered bond market participants suffering through volatile credit market conditions that have caused price expectations to fall.

Huatai Securities, the Chinese brokerage, has set the price range for its $1.65bn sale of global depositary receipts on the London Stock Exchange, enticing investors with a healthy discount to the Shanghai-listed A shares.

Hutchison China MediTech (Chi-Med) is looking to launch bookbuilding for its Hong Kong listing as early as June 21 for proceeds of around $600m, according to a source close to the deal.

The Chinese state council introduced new measures governing the proceeds of local government special-purpose bonds on Monday. Some of the proceeds can now be counted as project capital — which bankers said would make it easier for infrastructure projects to secure loans.

Inalfa Roof Systems Group, a Netherlands-based car roof system supplier owned by Beijing Hainachuan Automotive Parts, is tapping Asian liquidity for a €200m loan.

Guangzhou R&F Properties Co was back in the dollar market on Monday, tapping its 8.125% 2023 bond at a generous premium in what was its fifth offshore outing this year.

Chinese healthcare company Jinxin Fertility Group has kicked off a week-long roadshow for its Hong Kong IPO, looking to raise up to HK$2.99bn ($381.4m) from the deal, said a source close to the situation.

BNP Paribas has promoted Paul Yang, the current head of Greater China, to be head of corporate and institutional banking (CIB) for Asia Pacific, according to sources.

JP Morgan has expanded senior bankers Kam Shing Kwang's and Jing Ulrich's responsibilities in Asia Pacific, according to an internal memo obtained by GlobalCapital Asia.