Greater China

Hong Kong-based online brokerage Futu Securities is on track to raise $160m after cutting the size of its IPO and signing up international investment fund General Atlantic for a private placement.

The Shanghai Stock Exchange (SSE) published the official rules for the new tech board at the end of last week. The exchange said the tech board will allow unprofitable companies to list, prevent small retail investors from participating directly and loosen lock-up requirements for key investors.

In this round-up, the US trade representative’s office announced the delay of a China tariff increase, the Shanghai Stock Exchange released detailed rules for its tech board and China’s annual planning session gets set to address issues including economic growth targets and foreign market access

Bank of America's Asia Pacific head of equity capital markets syndicate Philip Wong resigned on Tuesday morning. He is set to join JP Morgan in the summer.

China has set the official rules for its Nasdaq-style tech board. It is undoubtedly a step forward for China’s equity capital market, but it should not be a surprise if a bubble forms soon after it launches.

China’s Guotai Junan Securities Co double-dipped in the international market this week, raising $500m from the sale of a three year bullet on Monday before launching a three year euro-denominated trade on Tuesday to raise an additional €225m.

Hong Kong-based New World Development Co was able to find enough demand to cover a $500m ‘fixed-for-life’ perpetual bond, returning to a structure that lost attraction amid expectations about rising rates.

The brief default of a dollar bond by local government financing vehicle (LGFV) Qinghai Provincial Investment Group last week caused next to no impact in the China offshore bond market. That is a bad sign.

China Development Bank Financial Leasing Co (CDBL) has raised $700m from the bond market, leaning on anchor orders to squeeze a tight final price.

Taipei Fubon Bank has hired Monica Chang, ANZ’s former head of loan syndication in Taiwan, to lead its syndicated loan team.

Semiconductor Manufacturing International Corporation (SMIC), a red-chip issuer, sealed a three year Rmb1.5bn Panda bond at the end of last week.

KKR has hired former Goldman Sachs executive Kate Richdale as its head of strategy and business development in Asia Pacific, a new job.