Hong Kong SAR

Deutsche Bank’s plan to exit its equities sales and trading businesses globally as part of a far-reaching overhaul of its operations has led to many departures in Asia.

Hong Kong-listed pharmaceuticals company United Laboratories International Holdings is tapping the loan market for a HK$1bn ($128m) deal, almost six years after cancelling a smaller facility.

Shanghai Henlius Biotech has resubmitted its application to list on the Hong Kong Stock Exchange with an IPO worth around $500m.

Rabobank has appointed Ian Baggott from the Loan Market Association to lead its Asia capital markets team, effective in August.

China’s CIMC Vehicles, a trailer maker, has priced its float of 265m shares on the Hong Kong Stock Exchange at the bottom of the range, raising HK$1.69bn ($217.1m).

In this round-up, Chinese securities regulators allow their Hong Kong counterpart to access audit papers of Hong Kong-listed mainland companies, Chinese premier Li Keqiang vowed to lift the 51% foreign ownership cap on Chinese financial firms sooner than planned, and free-trade zones (FTZs) receive more autonomy in trying out new policies.

In this round-up, US and China will resume trade talks next week, JP Morgan and Morgan Stanley near 51% stakes in their Chinese joint ventures (JVs), and China’s foreign minister offered a strong-worded rebuttal to the UK’s stand on Hong Kong protests.

FWD Group raised $550m from an unusual subordinated five year bond, just a few days after announcing a $3bn acquisition of one of the largest life insurance firms in Thailand, SCB Life Assurance.

China’s CIMC Vehicles, a trailer maker, has priced its float of 265m shares on the Hong Kong Stock Exchange at the bottom of the range, raising HK$1.69bn ($217.1m).

Budweiser Brewing Company Apac cracked open its up to HK$76.4bn ($9.8bn) Hong Kong IPO this week, set to be the city’s largest listing in nearly a decade and the world’s biggest so far this year, with early investor orders coming in thick and fast. Jonathan Breen reports.

The Hong Kong Stock Exchange is sifting through three IPO applications submitted by Chinese companies in three different sectors this week.

Hong Kong’s IPO market endured a difficult first half to the year, with trade war tensions and widespread protests fuelling a wave of stock market volatility. But there is plenty of business to get through before the end of 2019. Gina Lee reports.