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Trade bodies speak out against push to drive equity trading on to lit markets
Shares trade 8% above offer price as shipping company completes second listing
TX Group and SMG absorb almost 60% of block as insurer cuts holding to 11.8%
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Chinese e-commerce giant JD.com has hired Bank of America and UBS to lead a secondary listing in Hong Kong, according to multiple sources familiar with the matter. -
Sasol, the South African chemicals company, has unveiled a $6bn package of measures designed to shore up its business, which has been damaged by the spread of the Covid-19 virus and the collapse in oil prices.
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The crash in share prices as the coronavirus pandemic has gathered pace is soon likely going to force some sellers to execute equity block trades to cover loans secured against stock, or just to access capital quickly. But these sellers are going to have to stomach heavy discounts to get the liquidity required to execute trades, as one company proved on Monday night.
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The Philippine Stock Exchange suspended all trading on Tuesday, after the country’s president announced stricter coronavirus quarantine measures for Luzon, the northern island home to the capital Manila.
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Chinese biotechnology firm InnoCare Pharma has priced its HK$2.2bn ($288m) IPO at the top of the marketed range, following solid demand from institutional and retail investors, according to bankers close to the deal.
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An extraordinary demonstration of support from the US Federal Reserve over the weekend has done nothing to lift investors' spirits, with fears about the economic consequences of Covid-19 showing through in equities, credit and even the rates market on Monday morning.
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