Greater China

The International Organization of Securities Commissions on Thursday scolded central counterparties for not doing enough to implement policies to ensure their stability.

Hong Kong Exchanges and Clearing on Thursday said it had selected Roland Chai to be the group’s risk officer. He will start in his new position on June 1.

There are two phrases that don’t often go together in the capital markets: ‘13% yield’ and ‘two year bond’. But that eye-watering funding cost was just what China’s Hydoo International Holding paid on its latest exchange offer, marking the highest yield for a dollar bond since 2015. Bankers think there will be plenty more where that came from, writes Addison Gong.

Xiaomi Corp set its $10bn IPO in motion this week with an initial filing to the Hong Kong Stock Exchange. The move is a big win for the city, as the Chinese smartphone maker will be the first high-profile issuer to make use of Hong Kong’s new listing rules that allow founders to control a company with weighted voting rights (WVR). John Loh reports.

China’s Kingboard Chemical Holdings has returned to the offshore loan market for a HK$6bn ($764m) borrowing, less than six months after signing its last syndicated transaction.

Working in finance is a high stress job. Bankers work long hours, with the constant pressure of looking after clients’ money dangling over them.

China Aoyuan Property Group’s $200m bond dropped sharply in the secondary market on Thursday as global markets wreaked havoc on the company’s notes.

UBS has submitted an application to the China Securities Regulatory Commission to bump up the stake in its China joint venture to 51%, becoming the first international bank to take advantage of China’s recent move to open up its financial sector.

The China cross-border interbank payment system (Cips) started 24 hour operations on May 2, the central bank announced. But Swift thinks there is plenty of room to improve China's clearing and settlement infrastructure.

Frequent Panda bond issuer GLP returned last week with a five year tranche and a nine year note. But most investors did not have the stomach for the five year leg of the deal. Instead, they were enticed by the two exit options in the longer dated portion, said a source close to the transaction.

Thunder Bridge Acquisition has filed for a $200m Nasdaq IPO, set to be the first special purpose acquisition company (Spac) focused on China’s financial technology sector.

In his latest Clawback, columnist Philippe Espinasse takes a closer look at the Hong Kong bourse’s guidelines on the suitability of IPO candidates.