China

Equity investor sentiment remains fragile as buyers become more bearish on global markets because of heightened economic tensions between the US and China. Some investors see this as the most potent risk to equity markets since the eurozone debt crisis.

Onshore DCM bankers are having a busy week in the Panda bond market. Two returning issuers have lined up onshore transactions this week, as they seek to profit from looser liquidity and falling yields in China.

The decision of China’s exchanges to bar mainland investors from dual-class stocks may not seem like much in the grand scheme of things, but it is the darkest moment for China's market reform path since the infamous summer of 2015.

E-House China Enterprise Holdings has priced its Hong Kong IPO at the bottom of expectations, raising HK$4.6bn ($591m) at a single-digit valuation.

Chinese start-up Pinduoduo, a challenger to e-commerce giant Alibaba Group, has launched bookbuilding for an up to $1.63bn IPO of American Depository Shares.

Cango, a Chinese online marketplace for vehicle sales, has started bookbuilding for its $150m IPO on the New York Stock Exchange.

Hang Lung Properties raised Rmb1bn ($149.8m) in its Panda bond sale on July 13. Most of the demand for the builder’s debut came from the offshore market, as mainland investors, guided by the government’s policy, kept their hands off real estate names.

Xiaomi Corp fell as much as 10% after a surprise move to bar Mainland investors from buying shares through the Stock Connect, before quickly recovering.

Asia's bond market is gearing up for a more positive week following marginal improvement in the backdrop. Investment grade rated Bank of Rakyat Indonesia kicked off a new issuance on Monday, with more transactions expected to follow.

Chinese firm Aurora Mobile, also known as Jiguang, has kicked off the roadshow for its up to $126m Nasdaq IPO.

Opera, the internet browser, is marketing its $115m Nasdaq IPO at a substantial discount to comparable web browsers in China and Russia.

Mainland stock exchanges bar Xiaomi from southbound investment, indices show RMB internationalisation regaining lost ground, the UK’s stockpile of renminbi deposits grows again.