Greater China

Shanghai Henlius Biotech has settled its Hong Kong SAR listing at the bottom of the price guidance, mopping up HK$3.21bn ($410m) from the first post-earnings season IPO in the city.

Budweiser Brewing Company Apac has revived its Hong Kong IPO two months after a headline-grabbing flop. But a smaller target size, a stamp of approval from a high-profile cornerstone investor and the off-loading of an unattractive chunk of its business all mean that the firm has a better chance of success this time around. Jonathan Breen reports.

Shandong Iron & Steel Group Co has made its annual return to the bond market, grabbing $500m thanks to support from foreign fund managers.

China Orient Asset Management Co (Orient AMC) priced an almost 10 times covered dual-tranche bond with strong backing from its lead manager consortium. The borrower went out without a keepwell deed from the onshore entity, but investors were undeterred by the structure.

Upstream oil and gas company ENN Ecological Holdings Co priced a $250m tap of a bond it sold earlier this year. The deal came after news of a share transfer that could give it effective control over sister company ENN Energy Holdings.

Herald International Financial Leasing, a subsidiary of BMW, bagged its second Rmb2.5bn ($353m) auto lease asset-backed note on Tuesday, pricing the dual-tranche deal at the tighter end of the price guidance range.

A smaller deal size, a high-profile cornerstone investor and plenty of early engagement with investors have put Budweiser Brewing Company Apac’s second attempt at a Hong Kong IPO on solid ground.

Lai Sun Development, a Hong Kong-listed property developer and investor, has sealed a hugely popular HK$3.6bn ($460m) four year green loan to finance the Hong Kong Ocean Park Marriott Hotel.

China’s Wolong Electric Group has closed its €150m debut offshore borrowing with 14 lenders.

China’s move to remove the quota limits on the Qualified Foreign Institutional Investor (QFII) and renminbi QFII (RQFII) schemes could help in the long-term development of the country’s financial market. But this is not nearly enough. If the regulators want to see some serious change, they need to tackle two key hurdles facing foreign investors.

Agricultural Bank of China’s Singapore branch has sold the tightest three year floating rate note (FRN) from a big four Chinese bank, adding $500m to its coffers.

The Hong Kong Exchanges and Clearing’s (HKEX’s) proposition to acquire the London Stock Exchange Group last week was nothing short of bewildering. Instead of showcasing the HKEX’s ambition with such a bid, the move has only served as an embarrassing reminder of the bourse’s shortfalls.