Hong Kong SAR

Shangde Qizhi Education Group has set the ball rolling for a Hong Kong IPO, having filed a draft prospectus with the city’s bourse on Thursday.

BeiGene priced its IPO in Hong Kong near the top end of guidance on Thursday, raising HK$7.1bn ($903m) from the city’s second biotechnology flotation.

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Mainland telecommunications infrastructure giant China Tower raised HK$54.3bn ($6.9bn) this week after getting its mammoth float across the line at the bottom of guidance.

As Asian exchanges increasingly embrace the US model for new listings — the introduction of variable voting rights being a case in point — disintermediated IPOs may perhaps soon be the next fad, writes Clawback.

State-owned China National Building Material has kicked off its debut syndication through three bookrunners, seeking $160m from the fundraising.

When China Tower launched its Hong Kong IPO last week, it abandoned a long tradition of state-owned enterprises relying on cornerstone tranches for a major chunk of distribution. It was a bold move. Later this week, we will know whether it was a smart one.

BeiGene had covered books for its HK$7.3bn ($933m) IPO in Hong Kong by Tuesday morning, just two days after the deal hit screens.

Hot on the heels of China Tower’s $9bn Hong Kong IPO, another state-owned giant is planning a bumper share sale in the city.

BeiGene is set to become the first issuer to sell shares under new rules in Hong Kong, after the exchange moved to encourage secondary listings by overseas-traded companies.

Index provider FTSE Russell will consider the inclusion of Chinese government bonds in its benchmark later this year, Hong Kong puts aside $10m for the Asian Infrastructure Investment Bank, and China’s FX watchdog publishes a guide on capital account management in Belt and Road countries.

The Hong Kong Stock Exchange has put a proposal to give weighted voting rights (WVRs) to corporate entities on ice, after a tiff with its mainland counterparts and pushback from investors. But the move is not an automatic win for its rival in Singapore, which last month allowed companies to hold dual-class shares. John Loh writes.