Greater China

After creating three billionaires and causing an unprecedented 400% share price rise for one company at the end of the first trading day, Shanghai’s new technology board saw $1bn wiped out on Tuesday. As the feverish excitement among investors cools down, longer-term concerns around China’s IPO markets have emerged, writes Rebecca Feng.

An expected return of Brexit volatility means that there are likely to be fewer UK firms doing IPOs in the fourth quarter of the year, but London will continue to host high profile international listings to make up the shortfall.

It gives me great pleasure to realise how much of an impact I’ve had on my former employees.

Chinese banks are beefing up their loans business in southeast Asia, with Bank of Communications (BoCom) becoming the latest firm to set its sights on further expansion. While Mainland lenders are more active in the region than before, there are challenges to their growth, writes Pan Yue.

Country Garden-linked Bright Scholar Education Holdings made its debut in the offshore bond market on Wednesday, raising $300m from a heavily-covered transaction.

China Great Wall Asset Management Co priced its first dollar bonds since May 2018, attracting investors amid subdued supply from the Chinese AMC sector.

International banks will finally be allowed to obtain a fully-fledged bond underwriting licence in China’s interbank bond market, giving a boost to their ambitions to expand in the mainland. But they will have to meet some very high standards before they can make progress. Rebecca Feng reports.

Wanda Sports Group has cut 38% off the size of its live US IPO, having reduced the stock on offer and trimmed price guidance as it confronts investors nervous over their unfamiliarity with the company.

Industrial and Commercial Bank of China tapped the sterling market through its London branch on Wednesday to become the first Chinese bank to sell a senior benchmark bond in the currency. Demand was driven by an anchor investor, with the lead managers increasing the size of deal to satisfy as many orders as possible.

Ford Automotive Finance sold a Rmb4.776bn ($694m) four-tranche auto loan ABS on Tuesday, its biggest ABS so far, pricing the three senior tranches at tight levels.

Cofco International, a commodities trading unit of China’s agri-products company Cofco, has increased its sustainability-linked loan to $2.3bn after receiving commitments from 21 lenders.

Chinese real estate company Country Garden has closed its $1.1bn-equivalent syndicated loan.