China International Capital Corp

Tencent Music Entertainment Group (TME) gave investors a year-end treat this week with 2018’s last billion-dollar IPO from an Asian issuer. It was paid back with a near 8% jump in its stock price on the first day of trading. But to succeed the firm had to cut its fundraising target and get realistic on pricing. Jonathan Breen reports.

Tencent Music Entertainment Group (TME) has nabbed $1.1bn from its IPO on the New York Stock Exchange, guiding investors toward the bottom of the price range amid choppy markets.

Shanghai Junshi Biosciences has kicked off bookbuilding for its potential HK$3.24bn ($414.4m) IPO.

Logan Property Holdings Co made a quick venture into the market on Thursday to use the remainder of its offshore issuance quota for the year. The typically price-sensitive issuer willingly left something on the table for investors this time around to ensure their support in 2019.

China’s Haitong Securities priced a dual-currency transaction on Thursday, heading to the euro market for cheaper funding. Another issuer, Peking University Founder Group, was looking to price an up to €100m deal on Friday.

In this round-up, China International Capital Corporation UK (CICC UK) became Stock Connect’s first depository receipt conversion institution, S&P and FTSE Russell added China A-shares to their indices, and October capital outflows from China jumped while outflows from other emerging markets stayed flat.

China Vanke Co rode the positive momentum that followed the truce in the China and US trade war, raising $630m after an aggressive tightening in price. But the movements in the US Treasury market, including a curve inversion between three and five year notes, hit the secondary performance of the company’s bond.

Tencent Music Entertainment Group has begun bookbuilding for its long-awaited $1.23bn IPO in the US, around two months after first gauging investor appetite.

Luzhou City Commercial Bank and Ever Sunshine Lifestyle Services Group kicked off bookbuilding for their respective IPOs as they aim to cross the finish line before the end of the year.

iDreamSky Technology Holdings has pocketed HK$838m ($107.1m) after pricing its IPO just below the mid-point of guidance, according to a banker close to the deal.

Shanghai Junshi Biosciences kicked off pre-deal investor education for its Hong Kong listing this week, following close behind Chinese telecommunications software provider AsiaInfo Technologies.

China-based Mobvista has launched bookbuilding for a potential HK$1.63bn ($208m) IPO in Hong Kong, following the listing success of some of its peers.