Greater China

Zhongyuan Bank has begun fielding interest for its Hong Kong IPO, which is set to raise around $1bn, according to a banker close to the deal.

Tradeweb becomes Bond Connect’s first foreign trading platform provider, both northbound and southbound fund flows of the Mutual Recognition of Funds scheme pick up speed in May, and the State Administration of Foreign Exchange (Safe) plans favourable FX policy for Chinese companies investing in Belt and Road projects abroad.

The final fortnight of June has been seen as the last busy window for new issuance before the summer. This week lived up to its billing with over €11bn-equivalent of new deals priced and syndicate desks see no reason for conditions to change next week.

UBS has appointed new leadership for its M&A advisory division for Asia Pacific, following the departure of Alison Harding-Jones.

Neo-Green Pharmaceutical Technology Development, a traditional Chinese medicine company, has announced plans to float in Hong Kong, having filed a draft prospectus with the regulator.

Chinese real estate developer Times Property has hit the loan syndications market for a dual currency financing, about two months after issuing an offshore bond.

Taiwan’s General Interface Solutions, a manufacturer of screens for Apple products, priced a block of Global Depository Receipts on Thursday, raising $207m after hedge funds flocked to the deal.

Kaisa Group Holdings has priced the new money portion of an exchange offer, swapping old variable rate bonds with four new sets of fixed rate notes. While bankers on the deal said that the company achieved its goals with the liability management exercise, some away from the trade said the issuance size was smaller than expected.

The governor of People’s Bank of China says Chinese banks must face international competition, the China Securities Regulatory Commission (CSRC) considers changes in Stock Connect daily trading quotas after MSCI’s A-share inclusion, and the Hong Kong Exchange plans to launch CNH and dollar gold futures on July 10.

China’s Shimao Property Holdings braved the volatile market on Thursday to close a $450m deal, but fell short of meeting its ambitions for a larger size.

China Jinmao Holdings Group sold a senior perpetual bond in a busy market on Thursday, and against a weak market backdrop after reports that the China Banking Regulatory Commission was ordering checks on lenders' loan exposures.

On Thursday, People’s Bank of China provided some clarity on the operational details of the upcoming Bond Connect. The rules make clear who will be permitted to use the bond link and which electronic platforms investors will be able to trade on. Here’s our summary of the scheme’s key features.