China International Capital Corp

China International Capital Corp (CICC), which is looking to raise HK$6.29bn ($811.61m) in a Hong Kong IPO, has sent out a covered book message to investors ahead of its expected pricing on Friday.

China International Capital Corp (CICC) is continuing the recent run of Hong Kong IPOs counting on heavy cornerstone support from state-owned enterprises. The investment bank opened books on Monday for a HK$6.29bn ($811.61m) listing, with about half the trade already covered by SOEs.

China Huarong Asset Management pulled off a HK$17.83bn ($2.30bn) IPO on October 22, pricing one of Hong Kong’s largest listings this year just a few cents off the bottom of the initial range. But the price tag has sparked debate among bankers, with some saying the issuer was pushing its luck.

China Reinsurance priced Hong Kong’s third largest IPO of the year at the top of the range to raise HK$15.58bn ($2.01bn), drawing an outpouring of interest from global investors. The trade has buoyed hopes among ECM bankers, as they seek to put a sullen summer behind them.

China Reinsurance priced Hong Kong’s third largest IPO of the year at the top of the range to raise HK$15.58bn ($2.01bn), drawing an outpouring of interest from global investors. The trade has buoyed hopes among equity capital markets bankers as they seek to put a sullen summer behind them.

China Reinsurance’s HK$15.6bn ($2.01bn) listing in Hong Kong is multiple times covered, with the leads on the deal telling investors that pricing is expected in the upper half of guidance.

Hengtou Securities priced its HK$1.54bn ($198.32m) IPO at the wide end of guidance on October 8, with support coming mostly from Hong Kong and Chinese investors.

The Chinese and Hong Kong equity capital markets are stirring back to life after the turmoil of the summer, with a pair of IPOs enjoying strong debuts this week. No one is calling a recovery yet, but bankers are keeping their fingers crossed that the fourth quarter will offer a good window to push through deals, writes John Loh.

China Reinsurance is slated to start gauging demand for its $2bn Hong Kong IPO on October 5, with books set to open a week later, according to a banker working on the transaction.

Shandong Weigao Orthopaedic Device Co is taking another stab at a Hong Kong listing, tweaking the list of sponsors leading its deal.

China Reinsurance Corp and CICC passed their respective listing hearings with the Hong Kong Stock Exchange on September 17, clearing the way for a pair of chunky IPOs in the city.

Auto finance companies are set for a return to the Chinese interbank bond market for the first time in five years, with Ford launching an Rmb2bn ($314m) trade on September 17.