Greater China

Beijing-based PapayaMobile, a mobile advertising company, this week became the first candidate to back out of its application to list on the Star market. The Shanghai Stock Exchange (SSE) questioned the level of advancement of the firm’s core technologies and its accuracy of disclosure.

Budweiser Brewing Apac is on track to seal the biggest IPO globally so far this year, and the largest in Hong Kong in more than a decade. While the base size of up to HK$76.4bn ($9.8bn) alone is impressive, equally so is the company’s decision to eschew cornerstone investors altogether. But there’s a long way to go before other issuers will be able to follow in its footsteps.

Powerlong Real Estate Holdings has received a $200m term loan from three banks, making a comeback to the loan market after one year.

Chinese in-vitro diagnostic products distributor IVD Medical Holdings has priced its Hong Kong IPO at HK$3.07 a share, the bottom of the price range, to raise HK$1.02bn ($131.28m).

Hong Kong-based Chong Hing Bank raised $400m from a Basel III-compliant additional tier one (AT1) transaction at a level that was, unsurprisingly, inside fair value.

Beijing Jingneng Clean Energy is offering a slightly higher margin on a new HK$3bn ($385m) loan, compared to a green loan sealed last year.

Chinese online game streaming platform DouYu has launched a Nasdaq IPO, having delayed its plans in May amid tumultuous markets.

Shimao Property Holdings and China Overseas Land and Investment took advantage of a strong market backdrop and renewed investor interest in duration to price seven and 10 year bonds, respectively.

Beijing Infrastructure Investment, a Chinese local government finance vehicle (LGFV), returned to the international bond market on Tuesday, raising $200m at a tight price.

China’s Wolong Electric Group is tapping the offshore market for the first time, seeking a €150m loan through sole lead bank Standard Chartered.

Former Credit Suisse banker Jinzi Huang has joined HSBC as an associate director for structured finance and illiquid distribution.

China’s overnight interbank collateral repo rate fell to a five year low late on July 4, indicating ultra-flush liquidity in the interbank market. But the city-level commercial banks and private enterprises that are in dire need of the liquidity remain thirsty.