Greater China

In a quiet week for Asia’s equity capital markets, three issuers filed preliminary documents ahead of their planned share debuts in Hong Kong due to take place in the autumn.

The Canadian province of Quebec has mandated four banks, including two international firms, to underwrite its first bond in China, a finance official at the provincial government told GlobalRMB.

Hong Kong Exchanges and Clearing (HKEX) boasted record revenues in the first half of year, as MSCI inclusion helped push northbound equity investment to new heights.

Debt syndicate banker Angie Li has joined DBS from Guotai Junan International after two years at the Chinese firm.

Maanshan Iron & Steel is seeking shareholder approval to raise up to $500m from a debut convertible bond — the first time in 25 years it is tapping equity investors for funds.

A Shanghai-based joint venture between carmaker Geely and BNP Paribas is to enter the Chinese auto loans securitization market for the first time next week. The company will test demand with a Rmb1.94bn ($284m) deal, selling just one tranche to investors in the interbank bond market.

Sri Lanka and Turkey are preparing to sell their first Panda bonds, enticed by falling funding costs in China's bond markets. But given they both have lower credit ratings than previous sovereign Panda issuers, they may face an uphill battle as regulators scrutinise their finances.

Chinese firm Weimob is seeking the greenlight to float in Hong Kong, having filed a draft prospectus with the city’s bourse on Monday.

Hong Kong has had its first taste of a pre-revenue biotechnology stock with the listing by Ascletis Pharma. Unfortunately, the company got caught up in a wave of volatility and the shares have not fared well. It was not a good start for biotech but the sector should not be judged by this one deal, as it was just the first from a bulging IPO pipeline.

GCL New Energy’s $500m offshore bond plummeted by more than three points in secondary trading on Monday, after its parent company failed to dispose of an asset in Zhejiang. The price plunge also had a knock-on effect on other Chinese new energy bonds.

Haidilao International Holding plans to launch its $1bn IPO in Hong Kong by the end of the month, according to bankers working on the deal.

Shanghai Junshi Biosciences is eyeing a $500m IPO in Hong Kong, having filed a draft prospectus with the city’s stock exchange.