Greater China

Hong Kong’s market watchdog has withdrawn a lawsuit filed against Standard Chartered and UBS over the 2009 IPO of China Forestry Holdings Co, although this does not mark the end of possible enforcement action, according to sources close to the matter.

China Construction Bank Corp closed its first Singapore dollar bond on Monday, taking advantage of the thriving local currency market in southeast Asia.

Clothing manufacturer Crystal International Group has opened books for its Hong Kong IPO, with a view to raising as much as HK$4.5bn ($573.8m) from selling new stock.

Jiangsu Nantong Sanjian Construction Group Co (JNTC) has named banks to run its first dollar bond transaction. Separately, Chinese privately-owned company Yihua Enterprises (Group) Co has sealed its maiden international deal, raising $250m on Monday.

Xi Jinping's first term has seen a series of concrete steps taken towards opening up the country's capital markets. With the five-yearly Party Congress starting this week, it is now time for China's leadership to take the leap from granting access to giving global investors real influence on the market.

Shandong Marine Group is marketing its inaugural international Reg S bond, while LVGEM (China) Real Estate Investment Company reopened its 2020s priced two months ago to fund new property projects.

The Korea Development Bank returned to the offshore market on Tuesday, adding a dash of variety to its funding with a Formosa transaction.

Tencent Holdings-backed China Literature’s $600m-$800m Hong Kong IPO is off to a red-hot start as pre-deal investor education begins, with shadow indications of interest already strong after the first day.

Chinese commodity trader Tewoo Group and retail chain operator Maoye International Holdings are in the market with bonds of less than a year, getting ahead of the Chinese Communist Party’s National Congress meeting that will kick off from Wednesday.

China Development Bank Financial Leasing Co began marketing a dual-tranche dollar bond on Tuesday morning local time, as a number of issuers attempt to get ahead of China’s 19th National Congress of the Communist Party meeting taking place on Wednesday.

Baidu-backed iQiyi, a video streaming platform in China, has selected three banks to prepare an IPO in the US, which is expected to raise $1bn-$2bn, according to a banker close to the deal.

Beijing-headquartered Elion Resources Group Co will sell an international bond for the first time, having mandated the joint leads to work on an Asian roadshow and the proposed issuance.