Greater China

US president Donald Trump may be the loudest critic of Chinese policy, but he is far from the only one. The European Chamber of Commerce (Eurocham) tells GlobalRMB that ‘optimism is slowly turning to cynicism’ as China stalls on its reform promises.

Huatai Securities, the Chinese asset management business, has filed an intention to float document for a $500m London listing of global depositary receipts, the first under the new Shanghai-London Stock Connect segment of the London Stock Exchange.

Coal producer Yancoal will start bookbuilding early next week for a Hong Kong IPO, making it the first Australian-listed company to have a dual listing in Hong Kong, according to a banker close to the deal.

Babytree Group and Tongcheng-Elong Holdings both got their Hong Kong IPOs past the finish line this week, as equity markets globally continue to get battered by volatility.

Chinese online educator Koolearn Technology Holding has launched pre-marketing for its Hong Kong IPO at a time when the mainland government is stepping up regulation of the private education sector.

After another volatile week, during which primary issuance went from hero to zero and the secondary market tumbled, Asian bond bankers are preparing for what they hope will be a busy last few weeks of the year — possibly until the very last working day of 2018, writes Addison Gong.

Chinese property developer Country Garden Holdings has pocketed HK$7.83bn ($1bn) after using a call spread for a concurrent new issue and buy-back of existing convertible bonds — a popular structure in the US but groundbreaking for Hong Kong. Jonathan Breen reports.

Loans bankers in Asia already bemoaning the reduced outbound M&A driven activity from China could be dealt a further blow after the European Union (EU) said it will start screening foreign direct investment (FDI) more closely. Pan Yue examines the impact this will have on Asia’s leveraged and acquisition financing market.

China ZhengTong Auto Services Holdings is looking to spin off its subsidiary Dongzheng Automotive Finance Company through a listing in Hong Kong.

Government-backed energy firm Beijing Enterprises Clean Energy (BECE) is marketing its first Panda, a Rmb1.2bn ($173m) renewable corporate bond, as a green bond.

Yunnan Provincial Energy Investment Group Co raised $200m from a bond on Wednesday, using up part of its regulatory quota before the end of the year.

Will foreign investors increase their exposure to China’s micro loan ABS market? Domestic bankers are trying to make that happen — but not everyone thinks they will succeed. Rebecca Feng reports.