Hong Kong SAR

Sino-Ocean Property Holdings has extended the streak of Panda bonds issued since the start of 2018. The real estate issuer sealed a Rmb3bn ($476.2m) three year deal – its second Panda in two weeks – at the wide end of the price guidance range last Thursday.

Hong Kong’s markets regulator has sounded off another warning on cryptocurrencies, taking action against a number of exchanges and issuers of initial coin offerings (ICOs).

Eva Zhong, who ran Credit Suisse’s equity-linked business in Asia, is rejoining Morgan Stanley to take up a senior equity capital markets role, sources close to the move said.

Leverage finance bankers are bracing themselves for a rise in mezzanine financing in Asia, buoyed by talk that part of the HK$32bn loan to back a record-breaking Hong Kong property deal will be financed with junior debt.

A-Living Services raised HK$4.1bn ($524.4m) from its IPO this week. It priced the deal below the midpoint of guidance, but it was well-received across all tranches.

Hong Kong Exchanges and Clearing (HKEX) has committed to allowing trading of popular equity index options in its after-hours trading session, after similar futures contracts enjoyed success in a lengthier session.

China Merchants Port Holdings sealed its first Panda deal on the Shenzhen Stock Exchange on Monday, raising Rmb500m ($79.5m) from a three year bond. The red chip issuer will take the proceeds offshore to finance its Belt and Road Initiative-linked purchase of the Hambantota port in Sri Lanka.

Mainland firms Light Year Holdings and Pacific Millennium Packaging Group are seeking approval to float in Hong Kong. They both filed draft IPO prospectuses with the city’s bourse on Monday.

As China's domestic bond market continues to suffer from a deleveraging campaign, Sino-Ocean Property Holdings is again turning to the Panda market for funding – less than two weeks after it last tapped the asset class.

In the latest Clawback, columnist Philippe Espinasse takes a closer look at two new IPO guidance letters released by the Hong Kong bourse.

A-Living Services has priced its Hong Kong IPO below the midpoint of guidance. The company raised HK$4.1bn ($524.2m) after the deal was well-received across all tranches.

China Overseas Grand Oceans Group (Cogo) has raised HK$4.7bn ($595.2m) from a rights issue of over a billion new shares, despite the deal being undersubscribed by shareholders.