Greater China

In this round-up, China’s central bank cut the required reserve ratio by 50bp on Monday, domestic financial institutions have been told to price loans based on the new benchmark and regulators have published draft rules on dealing with corporate bond defaults.

I-Mab, a China-based biopharmaceutical company, has kicked off the roadshow for its up to $111.1m Nasdaq IPO, more than two months after filing draft documents with the US regulator.

Struggling Spanish construction group Aldesa saw a Christmas bounce in its Caa1-rated bonds, following a December 25 takeover deal and capital injection from China Railway Construction Corporation.

Property manager Central China New Life is planning to list in Hong Kong in the first quarter, said a source familiar with the transaction.

Smoore International Holdings, a manufacturer of vaping technology, is lining up a Hong Kong IPO of more than $500m in the first quarter of 2020, according to a source familiar with the matter.

The Securities and Futures Commission has fined RHB Securities Hong Kong HK$6.4m ($821,516) for failing to comply with a number of regulatory requirements.

Industrial Securities (Hong Kong) Financial Holdings, Zhengzhou Zhongrui Industrial Group Co and Shandong Iron & Steel Group Co priced international bonds during the last days of 2019, capping a strong year for Asia’s debt market.

It is set to be a busy start to 2020 for the Hong Kong Stock Exchange, with three live IPOs in the market. The most recent launch came from Shanghai Gench Education Group, which hit the road with a HK$773m ($99.2m) deal on Thursday.

Chinese solar power operator Panda Green Energy Group has extended the deadline of a distressed exchange offer. The new note issuance will now be finalised in the same week that its $350m bond becomes due.

In this round-up, Chinese president Xi Jinping headed to Macau for the 20th anniversary of the handover, the National People’s Congress will hold a fourth reading of the Securities Law next week and the People’s Bank of China (PBoC) has lowered the 14-day reverse repo rate.

In this round-up, state buyers are set to bail out Shandong-based Hengfeng Bank, the renminbi’s international usage rebounded in November after a slight drop in October, and Sumitomo Mitsui Financial Group’s securities brokerage affiliate plans to set up a wholly-owned China unit.

Guangzhou R&F Properties, a Hong Kong-listed Chinese real estate developer, raised HK$3.7bn ($475m) from a placement on Thursday evening in one of the last ECM deals of the year in the region.