Greater China

Chinese developer Sunkwan Properties has kicked off its IPO roadshow. It is aiming to raise up to HK$1.25bn ($161.2m).

In this round-up, the Purchasing Managers’ Index reading for October points to steady recovery momentum for the Chinese economy, profitability improves at the country’s largest state-owned lenders, and Hong Kong seeks help from the World Trade Organization to ban the US’s demand for its exports to be labelled ‘made in China’.

In this round-up, the Chinese Communist Party has set goals for the country’s development over the next five years, regulators are ready to streamline the Shenzhen Stock Exchange, and some big property developers have been asked for their monthly financial data.

Ping An Insurance-backed Lufax Holdings is expected to price its American depositary shares at the top of guidance, following a large turnout from global heavyweight investors for its IPO.

Shandong Iron & Steel Group Co was forced to pay 50bp more than it expected for a new $500m three year bond on Thursday, despite trying to appeal to investors with a positive spin on its future fundraising plans.

Chinese biopharmaceutical firm RemeGen will close the international orderbook for its Hong Kong IPO early as the deal is already many times covered, according to a source close to the listing.

China’s State Development and Investment Corp (SDIC) nabbed $300m in the bond market on Thursday.

A record number of retail investors in China fought for the Shanghai portion of Ant Group’s landmark dual listing this week, channelling Rmb19tr ($2.83tr) of orders into the world’s largest IPO.

Private equity firm Gaw Capital Partners is in talks with banks for a new borrowing to support its potential acquisition of Cityplaza One, a commercial office building in the heart of Hong Kong.

Chinese financial technology company Ant Group has sealed the world’s largest ever IPO, raising $34.4bn from dual listings in Shanghai and Hong Kong. The company built two mammoth order books despite a turbulent week for equity markets globally — although that created serious challenges for bankers allocating the stock. Jonathan Breen reports.

Two Chinese local government financing vehicles (LGFVs) hit speed bumps in the dollar bond market this week amid rising volatility, as investors pushed back on the issuers’ attempts to get away with aggressive pricing. While one of the borrowers sealed its deal despite tepid demand, another was forced to scrap its transaction. Morgan Davis reports.

A large number of issuers from Asia, the majority Chinese, tapped bond investors on Wednesday for fresh funds.