Greater China

China’s Everbright Securities Co has cracked open books for a potential HK$9.0bn ($1.2bn) IPO — the second listing from a Chinese brokerage in 2016.

China Gas Holdings is laying the groundwork for its second Panda bond of the year having applied to the Shanghai Stock Exchange for an issuance quota not exceeding Rmb7bn ($1.05bn). But unlike its debut in the asset class at the start of the year, the issuer will be targeting a wider investor base through a public offering.

DBS’ head of treasury and markets says there is room for the renminbi to appreciate in the short term. While the longer-term trend is for the currency to fall, the bank’s forecast for USD/CNY remains more upbeat than the market consensus.

Everbright Securities has signed up eight cornerstone investors for the bulk of its HK$9.02bn ($1.16bn) IPO in Hong Kong, with high profile names such as China Life and Prudential in the fray, said sources.

Aluminum Corporation of China (Chalco) has registered plans to sell a new foreign currency bond with the National Development and Reform Commission

Yunnan Water Hong Kong Co, an affiliate of Chinese provincial government backed Yunnan Water, has capped its latest borrowing at $130m despite having sought $150m originally.

In this round-up, China is open to free trade agreement talks with the UK, China Foreign Exchange Trade System sees its RMB index recover, and China Taiping Insurance Group is set to venture into the domestic mutual fund market. Plus, a recap of GlobalRMB’s top stories this week.

Hong Kong-listed United Energy Group is planning a rights issue of at least 13.08bn shares to raise a potential HK$2.6bn ($335.2m), according to a filing.

Hong Kong finally saw the first big typhoon of the summer this week. Naturally it was an anti-climax like every other year, but that did not stop it disrupting the city — although some people fared better than others.

Road King Infrastructure’s new $450m three year bond proved widely popular among investors, attracting an order book of about $6.5bn.

Orlando Faulks has been appointed head of corporate finance for Japan at Deutsche Bank starting November, as Ken Kawashima plans to go back to his previous job.

A Chinese company-led consortium is set to use staple financing worth A$800m ($606.4m) to back its acquisition of a stake in Australia’s GenesisCare. The transaction has piqued the interest of loan market participants given how rarely the instrument is used in Asia, writes Shruti Chaturvedi.