Greater China

An overnight sell-down in Kingboard Chemical Holdings netted a larger than expected HK$1bn ($133m) for its controlling shareholder on Wednesday, as talk of the stock’s inclusion in a major index spurred investor demand.

ICBC Financial Leasing Co raised $950m from a dual-tranche transaction on Wednesday, as it focused on extending its maturity profile. But its 10 year struggled to gain traction, against a backdrop of falling 10 year US Treasury yields.

Two US flotations of Chinese firms raised $686m this week, after one was priced in the middle of the range and traded down, while the other was set to make its debut on Thursday.

Asia's banking landscape is more competitive than ever, with firms fighting for the smallest of scraps from clients. Companies too are taking full advantage, unashamedly making bankers jump through hoops to do their bidding.

Suntec Real Estate Investment Trust printed a S$300m ($220m) convertible bond off the back of solid aftermarket trading in recent new issues, although some bankers think the window could be closing soon.

Société Générale has given additional responsibilities to two senior bankers working in the research department of its corporate and investment bank.

China National Chemical Corp (ChemChina) sent indicative pricing for a $5.5bn refinancing to banks late last month.

Wing Lung Bank, part of China Merchants Bank Group, has mandated six firms to work on a Basel III tier two dollar transaction, and will go on a roadshow in Hong Kong and Singapore.

China’s Concord New Energy Group is pursuing its debut green dollar bond.

China Literature made jaws drop this week when its shares doubled on their debut in Hong Kong, giving it the best first day close in the world this year.

China has long been cautious about opening up its capital markets as it learn from the lessons of other economies. But while such prudence has helped China avoid a crisis, it must not turn succumb to hubris and a wholesale rejection of the West’s experience.

China Power International Development has tapped Bank of America Merrill Lynch to underwrite a cash call that could raise up to HK$4.5bn ($573m) for an acquisition.