• China makes headway on boosting secondary loans market

    The Chinese regulators are looking to give the country’s secondary loan market a boost by encouraging banks to use one of their platforms to trade deals. While secondary loan trading has become easier, there are still many hurdles to overcome, say experts.

    • 05 Sep 2019
  • China reforms rates but leaves tough problems untouched

    China’s central bank has shaken up the way banks quote lending rates, reforming an interest rate benchmark to more closely track the market. But onshore bankers expressed doubts about the move. Rebecca Feng reports.

    • 22 Aug 2019
  • China rate reform: a market but with a very visible hand

    China unveiled a new benchmark rate, the loan prime rate (LPR), for loans this week. While hailed as a groundbreaking step towards making its benchmark lending rate more market-driven, the mechanism for determining the LPR in fact grants the central bank more control over the country’s interest rates.

    • 20 Aug 2019
  • China launches long-awaited interest rate reform

    The People’s Bank of China (PBoC) unveiled a new benchmark rate for bank loans on Saturday. The loan prime rate (LPR) will replace the current one-year lending rate, which has stood still for four years at 4.35%, as the new benchmark. The move is aimed at making the lending rates more market-based and lowering the funding cost for the real economy, analysts say.

    • 19 Aug 2019
  • ICBC head of global syndicate to join AIIB

    Industrial & Commercial Bank of China’s London-based head of global loan syndication will be moving to the Asian Infrastructure Investment Bank in Beijing.

    • 29 Jul 2019
  • Star Market comes down to earth with a bang in China

    After creating three billionaires and causing an unprecedented 400% share price rise for one company at the end of the first trading day, Shanghai’s new technology board saw $1bn wiped out on Tuesday. As the feverish excitement among investors cools down, longer-term concerns around China’s IPO markets have emerged, writes Rebecca Feng.

    • 25 Jul 2019
  • Star board: a roller coaster ride to remember

    The first 25 companies that started trading on the new Shanghai tech board on Monday skyrocketed, as Chinese investors welcomed the Nasdaq-style equity market with frenzied trading. As the excitement cooled on Tuesday, the bourse’s performance shows that regulators must not just focus on market reform, but also on market participants.

    • 23 Jul 2019
  • The week in renminbi: Star opens for trading, financial regulators mull more open-up, China makes large purchase of US sorghum

    In this round-up, the Shanghai Star market officially opened on Monday morning, the People’s Bank of China, the China Securities Regulatory Commission and the China Banking and Insurance Regulatory Commission formally announced 11 market reform measures, and the Mainland made the largest sorghum purchase from the US since last April.

    • 22 Jul 2019
  • Shanghai's Star board set to open with 25 names

    The Shanghai Stock Exchange (SSE) has pledged to host at least 25 companies on the Star board by July 22, when it opens for trading. That tight deadline caused nine companies to open books on the same day this week.

    • 11 Jul 2019
  • PapayaMobile withdraws from SSE Star listing

    Beijing-based PapayaMobile, a mobile advertising company, this week became the first candidate to back out of its application to list on the Star market. The Shanghai Stock Exchange (SSE) questioned the level of advancement of the firm’s core technologies and its accuracy of disclosure.

    • 09 Jul 2019
  • China policy round-up: MoF, CSRC give SFC access to mainland firms’ audit papers, Chinese premier promises to scrap foreign ownership ahead of schedule, FTZs to enjoy greater policy-setting freedom

    In this round-up, Chinese securities regulators allow their Hong Kong counterpart to access audit papers of Hong Kong-listed mainland companies, Chinese premier Li Keqiang vowed to lift the 51% foreign ownership cap on Chinese financial firms sooner than planned, and free-trade zones (FTZs) receive more autonomy in trying out new policies.

    • 05 Jul 2019
  • Rising Star: Shanghai tech board gets off to hectic start amid retail frenzy

    The first four companies to complete IPOs on the new technology board in Shanghai were flooded with phenomenal retail demand of as much as 2,500 times, despite the issuers’ lofty valuations. But an imminent increase in supply could calm the frenzy, writes Rebecca Feng.

    • 04 Jul 2019
  • SSE sets timetable for tech board listings

    The Shanghai Stock Exchange (SSE) has published guidelines for IPOs on its new technology board, providing a detailed timeline for the process and the eventual listing of the shares.

    • 24 Jun 2019
  • Suzhou HYC readies market-opening Shanghai tech board IPO

    Shanghai’s new high-tech board is set to welcome its maiden IPO after Suzhou HYC Technology Co kicks off its roadshow on Friday. The company will be the first Chinese issuer to use a market-driven price discovery process for its Rmb1.01bn ($145m) float, but bankers on the mainland have little doubt the deal will be a success. Rebecca Feng reports.

    • 20 Jun 2019
  • Shanghai tech board rolls out suspension rules

    The Shanghai Stock Exchange (SSE) has introduced rules for daily trading limits, limit order price ranges and treatment of ‘abnormal fluctuations’ for the Star Market, its new technology innovation board that is in its final preparation stage.

    • 17 Jun 2019
  • China’s ‘third Nasdaq’ to take off very soon

    China's regulators are speeding up the approval process of IPO candidates. After passing six potential issuers in the past two weeks, the Shanghai Stock Exchange (SSE) is set to wave through 13 more companies soon.

    • 12 Jun 2019
  • Tech board trio get nod from exchange, eye CSRC

    The much anticipated Shanghai tech board held its first listing committee meeting on Wednesday. Three companies are en route to be registered with China Securities Regulatory Commission (CSRC) and become the first batch of listees on the board.

    • 06 Jun 2019
  • Regulators roll out CDR rules as tech board nears launch

    The People’s Bank of China (PBoC) and the State Administration of Foreign Exchange (Safe) have set new rules on cross-border capital management for Chinese Depository Receipt (CDR) issuers. Meanwhile, the Shanghai tech board’s listing committee will give its verdict on three candidates on June 5.

    • 28 May 2019
  • SSE sets guidelines for tech board IPOs

    The Shanghai Stock Exchange (SSE) has published guidelines for companies looking to list on its new Science and Technology Innovation Board, as well as underwriters, including an unusual requirement for the sponsors of initial public offerings (IPOs) to commit to deals.

    • 17 Apr 2019
  • State-owned CRSC eyes listing on Shanghai tech board

    China Railway Signal and Communication Corporation (CRSC), a Hong Kong-listed red-chip company, is seeking a Rmb10.5bn ($1.56bn) IPO on the new Shanghai Science and Technology Innovation board.

    • 26 Mar 2019
  • Nine firms pass Shanghai tech board’s first round of checks

    Nine out of the 13 companies that submitted applications to be listed on the new Shanghai Science and Technology Innovation Board have received feedback from the exchange over the weekend. However, they still have some way to go until they can execute their planned IPOs.

    • 25 Mar 2019
  • Shanghai tech board unveils rules

    The Shanghai Stock Exchange (SSE) published the official rules for the new tech board at the end of last week. The exchange said the tech board will allow unprofitable companies to list, prevent small retail investors from participating directly and loosen lock-up requirements for key investors.

    • 05 Mar 2019
  • Shanghai tech board close to launch as funds eye retail bid

    The Shanghai Stock Exchange’s new board for technology listings is moving closer to launching. But although funds are already getting themselves ready for a wall of retail demand, bankers have a sense of déjà vu. Rebecca Feng reports.

    • 28 Feb 2019
  • CSRC trims IPO review panel list

    The China Securities Regulatory Commission (CSRC) has cut the membership of its IPO review committee by two thirds, from 63 to 21. Of those 21, there are 12 new members.

    • 22 Jan 2019
  • EDF seals green RMB loan from CréditAg China

    Electricité de France, the Paris-based electricity company, raised a Rmb122m ($17.8m) one year bilateral loan through Crédit Agricole CIB (China) on December 20.

    • 04 Jan 2019

Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 23.56
2 Industrial and Commercial Bank of China (ICBC) 16.09
3 China Merchants Securities Co 11.38
4 Agricultural Bank of China (ABC) 6.90
5 HSBC 5.75

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 10,402.38 44 7.46%
2 CITIC Securities 10,076.72 56 7.23%
3 Morgan Stanley 8,137.73 53 5.84%
4 China International Capital Corp Ltd 7,629.46 48 5.47%
5 UBS 7,571.63 56 5.43%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 25,845.51 224 8.48%
2 Citi 19,878.62 143 6.52%
3 JPMorgan 15,342.51 106 5.03%
4 Standard Chartered Bank 13,851.25 136 4.55%
5 Bank of America Merrill Lynch 11,261.66 88 3.70%

Asian polls & awards

  • Now open! GlobalCapital Asia Capital Market Awards 2019

    GlobalCapital Asia is pleased to invite pitches for our annual capital markets and investment banking awards, which reward the most impressive transactions and investment banks of 2019.

  • GlobalCapital reveals SRI Award nominations

    GlobalCapital has published the nominations for its Sustainable and Responsible Capital Markets Awards. The winners will be announced on September 17, at our Awards Ceremony in Amsterdam.

  • GlobalCapital SRI Awards: poll extended

    In response to requests from market participants, GlobalCapital has extended the closing date of its poll to determine the 2019 winners of its Sustainable and Responsible Capital Markets Awards. Market participants can now vote until July 26.

  • GlobalCapital opens 2019 poll for SRI Awards

    GlobalCapital has launched its poll to determine the 2019 winners of its Sustainable and Responsible Capital Markets Awards. Market participants are invited to participate.

  • GlobalCapital launches Sustainable Financing and Investing Survey

    GlobalCapital is conducting a global research survey on the fast-changing markets for sustainable financing and investing. It will combine the views of issuers and investors to give a nuanced picture of how this trend is changing capital markets for both groups.