Greater China

American International Group raised HK$5.83bn ($752.26m) on Monday from an overnight share sale in PICC Property and Casualty Co, as it seized what may have been the last window for a large block trade this year.

China is looking to deregulate its approval based IPO system in two years, taking a step closer towards realising reforms that were first announced in November 2014.

Bank of Zhengzhou has launched bookbuilding for its HK$5.56bn ($717.4m) Hong Kong IPO, with over half the book already covered by six cornerstone investors.

China Construction Bank broke the pricing record for the Asian additional tier one (AT1) sector this week, raising $3.05bn with a headline coupon of just 4.65%. Although this was the lowest coupon ever achieved by an Asian bank in the AT1 market, investors were more than happy to pour into the trade.

Inner Mongolia-based China Shengmu Organic Milk is testing appetite in the syndicated loan market for a $120m three year facility and is offering banks an attractive yield of more than 300bp.

It’s funny how public perception of something can be completely opposite to reality.

China Nuclear Engineering Group Corporation (CNEC) is struggling to get its debut dim sum offering off the ground. The company has set its sights on a deal before the end of the year, but sources say the management’s unrealistic pricing targets are not going down well with investors.

Standard Chartered Hong Kong sold its first Panda bond this week in a deal that was nearly twice subscribed and saw a good level of investor diversification. But while some have argued the trade should have priced tighter, Tee Choon Hong, head of Capital Markets, Greater China at the bank says the bond offer good value and the bank is looking for opportunities to re-enter.

China National Bluestar is in the market with its second dollar bond of the year, opening books to a perpetual non call three transaction on December 10.

The first products under the renminbi qualified institutional investor (RQFII) programme should launch as early as the first half of next year, according to Camille Thommes, director general of the Association of the Luxembourg fund industry (Alfi).

UniCredit has made a string of internal appointments to its Asia and Americas management teams.

CRCC High-Tech Equipment Corp, a unit of Chinese state-owned China Railway Construction Corp, has raised HK$2.8bn ($361m) from its IPO in Hong Kong after pricing near the bottom of the range.