Greater China

In this round-up, China’s financial system gives up Rmb1.25tr ($190bn) in profits to support the real economy, the central bank releases its annual financial stability report, and the country’s foreign exchange reserves by the end of October miss forecast.

In this round up, China plans to expand its digital economy, local governments issue over Rmb6tr ($906bn) of bonds by October, and the National Association of Financial Market Institutional Investors announces a trial programme for cash tender offers for corporate bonds in the interbank market.

Chinese video-sharing platform Kuaishou Technology is planning to float in Hong Kong, having filed a draft prospectus with the city’s stock exchange.

Chinese pork producer Muyuan Foods saw lukewarm appetite among banks for its debut syndicated loan, which was closed at a smaller size of $140m.

Antengene Corp, a clinical stage biopharmaceutical company, is set to launch the roadshow for its Hong Kong IPO next week after wrapping up pre-deal investor education, according to a source close to the listing.

The Shanghai Stock Exchange stunned the market on Tuesday by halting Ant Group’s $34bn IPO, set to be the largest listing in history, just two days before the company’s planned stock market debut. The extraordinary move is expected to delay the listing by at least six months. It will also force investors to revalue the company, write Jonathan Breen and Addison Gong.

Mercedes-Benz Leasing Co sold its first auto lease asset-backed note in China’s interbank market this week, navigating a number of hurdles to launch the Rmb4bn ($600m) deal.

Asia’s dollar bond issuers hit pause this week as all eyes turned to the outcome of the nail-bitingly close US presidential election. With the result still uncertain on Thursday, but signs showing a Joe Biden victory as a possibility, some bankers in the region reckon the debt market may be at full throttle from next week. Morgan Davis reports.

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.

Gland Pharma, a subsidiary of Shanghai Fosun Pharmaceutical Group, has set the final terms for its Rp64.8bn ($866.5m) IPO in India.

Zhaoheng Hydropower (Hong Kong) has missed a payment on a 2017 dollar loan. It had extended the maturity on that deal earlier this year.