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◆ Crossover credit sells second senior SLB of 2026 ◆ Deal lands tight to secondaries and peers ◆ Proceeds to refinance 2028 convertible maturity
Company ‘made out like bandits’ as investors piled into deal and delta placement
Trade bodies speak out against push to drive equity trading on to lit markets
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Goldman Sachs placed HK$5.43bn ($700m) worth of borrowed stock in China Pacific Insurance Group Co (CPIC) on March 18, the public leg of a derivative agreement with Allianz through which the German insurer hedged part of its stake in the Chinese firm. -
Two pharmaceutical companies are preparing to list their shares on the Hong Kong Stock Exchange, with PuraPharm Corp and Zhongzhi Pharmaceutical Holdings filing their respective preliminary prospectuses on March 18.
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India’s Adlabs Entertainment wrapped up its extended IPO this week, raising Rp3.70bn ($59m) by pricing its shares at the bottom of a revised range.
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Korea Deposit Insurance Corp (KDIC) shed some of its shares in Hanwha Life Insurance Co via a block executed on the evening of March 18. Launched to the market with a fixed price, the W133.4bn ($118m) deal focused more on size than on price.
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At least three Chinese brokerages are readying Hong Kong IPOs for the first half of the year, while two more will launch chunky H-share placements soon. The trades should be well received as investors have cash to spare, but the yawning gap in valuations between A and H-shares and a surfeit of offerings from the sector mean that issuers and underwriters will need to relent on pricing, writes John Loh.
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Haitong International Securities Group is gunning for a capital raising of up to HK$9.10bn ($1.17bn) via a one-for-one rights issue, with 65% shareholder, Haitong International Holdings Limited (HTIH), committing to take up its entire rights entitlement to provide early momentum for the trade.
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