Greater China

The chief executive of Hong Kong’s Securities and Future’s Commission (SFC), Ashley Alder has given a robust defence of the regulator's co-operation with its Chinese peers saying that Stock Connect would have been impossible without it. Hong Kong will also remain the key gateway between the Mainland and global financial markets, he argued.

Metro Retail Stores Group started pre-marketing its Ps5.61bn ($119.90m) IPO on Monday, with joint global co-ordinators BPI Capital and Deutsche Bank expected to meet investors over the week.

Taiwanese company Quanta Computer has selected banks to lead its latest $400m borrowing.

CRRC Corp has received the thumbs up from its board to sell a convertible bond worth up to $1bn, making it the first Chinese issuer to tap the offshore equity-linked market following the National Development and Reform Commission’s (NDRC) overhaul of foreign debt sales.

Fixed income specialist SC Lowy has set up a par loan trading platform in Asia, as it seeks to tap into the growth of the secondary loan market in the continent.

China Reinsurance opened its HK$15.6bn ($2.01bn) IPO with a bang on Monday, putting around half the deal in the hands of cornerstones and sending out a covered book message just hours after launch.

China Construction Bank is set to price the first offshore renminbi bond in more than two months, which bankers say is part of the government’s initiative to open up the dim sum bond market. The notes will also mark the first CNH deal under the newly established NDRC rules.

Chinese developer Soho China has extended the offer period to buy back its existing bonds by a week, after noteholders tendered just 36% of the company’s 2022s.

Beijing Automotive Group (BAIC) is planning to issue its first G3 bond, having mandated four banks to arrange a series of investor meetings starting this week.

China Construction Bank (CCB)’s plans to sell its first offshore renminbi bond in the UK by its head office next week also marks the first CNH bond to be approved under the new pre-issuance registration system set by the National Development and Reform Commission (NDRC) last month.

Hengtou Securities priced its HK$1.54bn ($198.32m) IPO at the wide end of guidance on October 8, with support coming mostly from Hong Kong and Chinese investors.

In this round-up, Hong Kong RMB clearing dropped in September, Macau's RMB deposits and cross-border settlement also fell in July, South Korea's RMB deposits kept contracting in September, and Bank of China Budapest branch formally launched RMB clearing services.