Hong Kong SAR

China Citic Bank International has priced a $500m Basel III-compliant tier two deal inside fair value, as the lender looks to switch out of a legacy tier two that not only has a high interest rate but has also lost most of its capital recognition over time.

Morgan Stanley has named Magnus Andersson as the co-head of ECM for Asia Pacific. His predecessor, Mille Cheng, has become vice chairman of Asia Pacific global capital markets.

China’s Jinxin Fertility Group is planning to float on the Hong Kong Stock Exchange, according to a draft prospectus submitted to the bourse.

Hansoh Pharmaceutical Group is planning to launch investor education for its $1bn Hong Kong IPO before the end of March.

Chinese property developer Dexin China has launched bookbuilding for an IPO that could raise up to HK$1.73bn ($220.3m).

CStone Pharmaceuticals has launched Hong Kong’s first biotechnology IPO of the year — and bankers are watching it closely. The up to HK$2.38bn ($304m) deal has received a strong early response, a good sign for the growing pipeline of biotech issuers hoping to put a difficult 2018 behind them. Jonathan Breen reports.

Hong Kong’s Airport Authority (HKAA) raised $500m from a dollar bond sale on Wednesday, ending a hiatus of nearly 16 years from the market.

It can be rough living in one of the world’s most expensive cities. Tai Tai and I are fortunate enough to afford a lovely home with plenty of room for my Scotch collection, but I know most people in Hong Kong aren’t so lucky.

Right Lane, a wholly-owned subsidiary of Chinese conglomerate Legend Holdings, has paid a higher margin than previously for a $300m-equivalent dual currency borrowing. It is the latest in a series of Chinese and Hong Kong companies that have hiked margins on their return to the loan market this year.

MSCI is to add nine stocks with dual-class voting structures to its global benchmark, it said this week. Chinese technology companies Meituan-Dianping and Xiaomi Corp are among the new names included.

Chinese property developer Dexin China kicked off bookbuilding on Thursday for an IPO that could raise up to HK$1.73bn ($220.3m).

The People's Bank of China held the tender of its second offshore renminbi issuance in Hong Kong on February 13. Both the Rmb10bn three-month note and the Rmb10bn one-year note were priced significantly lower than the first auction in November.