Greater China

The outcome of the Brexit referendum has cast a shadow over London’s ability to maintain its status as Europe’s foremost RMB business hub. In this lowdown, GlobalRMB pits three other European capitals – Frankfurt, Luxembourg, and Paris – against the City as the most likely contenders for Europe’s RMB crown.

The list of Chinese real estate firms seeking to take advantage of the country’s Panda bond market is getting longer, with Agile Property Holdings the latest to have its application approved.

China’s DFZQ, also known as Orient Securities Co, has raised HK$7.8bn ($1.0bn) from its Hong Kong listing after pricing at the bottom half of the marketing range, according to a source close to the deal.

China’s Ministry of Finance completed a Rmb14bn ($2.17bn) auction of offshore renminbi government bonds on Wednesday, with strong demand from investors resulting in a more than three times covered transaction.

Hong Kong’s Securities and Futures Commission (SFC) has censured units of Bank of America Merrill Lynch for failing to disclose dealings in relevant securities in two transactions last year.

After taking a few days to consider the fallout from Brexit, warehouse developer China Logistics Property Holdings Co has thrown open books for its potential HK$3.4bn ($433.8m) listing.

The London Stock Exchange (LSE) could be closing in on an equity trading link for UK-listed depositary receipts by Chinese firms that would see the participation of Euroclear and LCH.Clearnet, GlobalRMB has learned.

Rici Healthcare Holdings has deferred its IPO, which was set to launch this week, to an unspecified date, according to a source with direct knowledge of the decision.

Citic Envirotech has priced a $180m tap of its existing $175m 5.45% perpetual notes at the tighter margin of 4.25%, becoming the first Asian G3 bond issuer since the UK’s decision last Friday to leave the European Union.

The Taiwan Stock Exchange Corp (TWSE) and Bursa Malaysia have signed a memorandum of understanding to explore capital market opportunities and expand cross border co-operation.

Greentown Service Group has thrown off any concerns about Brexit-induced volatility and kicked off bookbuilding for its potential HK$1.7bn ($220.5m) IPO, with investor response so far being positive, according to a source with direct knowledge of the deal.

HSBC and Bank of China were among the first banks to act as market makers for the newly established direct trading of the Korean won and the RMB this week, just as a first batch of offshore-based banks got approval from Chinese authorities to access the onshore currency markets.