Greater China

Opera, the internet browser, is marketing its $115m Nasdaq IPO at a substantial discount to comparable web browsers in China and Russia.

Mainland stock exchanges bar Xiaomi from southbound investment, indices show RMB internationalisation regaining lost ground, the UK’s stockpile of renminbi deposits grows again.

Dongfeng Nissan Auto Finance is selling a Rmb4.5bn ($674.4m) ABS deal next week — the first by a foreign originator in the second half. Sources say the originator has been afforded a nice window to issue given the looser onshore liquidity, but it will enjoy less flexibility around the structure of the deal.

CNCB (Hong Kong) Investment, a subsidiary of China’s Citic Group, has started wooing banks to its $500m debut loan.

Apple sets up a fund to invest in clean energy suppliers in China, Citi eyes Chinese investment in India with new team, and Citic International sees waning appetite from onshore corporations and individuals for cross-border solutions because of the US-China trade war.

Ministry of Commerce (MofCom) criticises Trump’s proposal of additional tariffs, Shanghai government vows to open up the city further, and the banking regulator approves international banks setting up branches and subsidiaries in China.

Chinese auto rental company eHi Car Services has launched a $200m three year refinancing loan, led by sole mandated lead arranger and bookrunner Deutsche Bank.

Chinese online game developer 7Road Holdings has raised HK$1bn ($127.4m) after pricing its IPO at the floor of the marketing range, according to a banker on the trade.

Health and Happiness International Holdings has launched its $350m dual-currency loan into limited syndication.

KEB Hana Bank raised $315m from a five year floating rate note in the Formosa market on Thursday, selling the bond with no new issue premium thanks to strong support from Taiwanese investors.

Jilin Jiutai Rural Commercial Bank is planning share sales to both onshore and offshore investors in a bid to boost its core tier one capital.

Equity investors have endured a volatile year with numerous geopolitical shocks leading to falls in markets and sapping confidence. But now they are positioning for the previously unimaginable, a trade war between the world’s two largest economies and all the ramifications that will follow, writes Sam Kerr.