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Equity IPOs

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  • Chinese property manager Jinke Smart Services Group has launched its IPO. It is aiming to pocket up to HK$6.3bn ($815.9m) from the deal.
  • China’s decision to clamp down on Ant Group has derailed an IPO of at least $34bn, despite execution being finished last week. The move appears to be little more than political muscle-flexing by Beijing. The real winners will be the country’s critics.
  • Global equity markets have reversed earlier losses after former US vice-president Joe Biden gained momentum in the presidential race on Wednesday afternoon, giving capital markets bankers hope that a decisive result this week might be possible.
  • Gland Pharma, a subsidiary of Shanghai Fosun Pharmaceutical Group, has set the final terms for its Rp64.8bn ($866.5m) IPO in India.
  • Chinese biopharmaceutical firm RemeGen has raised HK$3.99bn ($514.7m) after pricing its IPO at the top of the marketed range, according to a source familiar with the matter.
  • The Shanghai bourse stunned the market on Tuesday after halting Ant Group’s $34bn IPO, a deal which was set to be the largest listing in history. The extraordinary move, likely spurred by comments from Ant’s co-founder Jack Ma that criticised authorities for stifling innovation in China, is expected to delay the listing by at least six months. It will also force investors to revalue the company.