Asia Pacific

Ever Sunshine Lifestyle Services Group is planning a Hong Kong IPO, according to a draft prospectus it filed in the city on Thursday.

The Vietnam government is set to reduce its stake in Vietnam National Shipping Lines (Vinalines) through an IPO of at least D4.9tr ($208.9m).

Dodla Dairy submitted a listing application to the Indian regulator on Thursday, eyeing the sale of both new and existing shares.

Hong Kong saw its second biotechnology listing this week, as BeiGene floated on the city’s stock exchange. But two days after listing it was under water and was followed by a double-digit dive by Ascletis Pharma, the sector’s debut issuer. The state of both stocks are a warning sign for future biotech issuers to rein in valuations, say ECM bankers. Jonathan Breen reports.

Financial resources dedicated to protecting central counterparties from defaults are becoming increasingly concentrated at two CCPs, according to a report by global watchdogs released on Thursday.

Joint Stock Commercial Bank for Investment and Development of Vietnam has closed an offshore borrowing worth $150m. After the company deciding not to exercise a greenshoe option, lenders faced a large scale-back.

Chinese property companies have seen their funding options restricted in a variety of markets, leaving the offshore loans markets the only avenue for them to raise new funds. But loans bankers, who have long operated in an uneasy grey area for such deals, are worried they will be next in the firing line. Pan Yue reports.

The Republic of the Philippines attracted more investor demand than expected on its return after eight years to the Japanese yen bond market. Its outstanding dollar bonds outperformed in secondary trading as the new deal was being marketed.

Tsinghua University Science Park, or Tuspark, raised $350m from its bond sale on Wednesday, notably helped by 14 bookrunners.

In a quiet week for Asia’s equity capital markets, three issuers filed preliminary documents ahead of their planned share debuts in Hong Kong due to take place in the autumn.

Shinhan Financial Group Co’s debut dollar Basel III additional tier one (AT1), priced on Tuesday, sparked a debate between Asian bankers, analysts and investors. The deal was rare, being issued through the bank’s holding company rather than using the opco structure which is much more common in Asia. That left many wondering what premium, if any, issuers must pay for holdco deals, writes Addison Gong.

The Canadian province of Quebec has mandated four banks, including two international firms, to underwrite its first bond in China, a finance official at the provincial government told GlobalRMB.