Hong Kong SAR

Internet gaming company Razer has kicked off investor education for its $500m Hong Kong IPO, which is expected to hit screens at the end of the month.

China’s economic growth will do little to help promote renminbi internationalisation, according to an October 17 report by Swift. The comment came as the renminbi falls to eighth place in the league table of the world’s most used payment currencies.

Hong Kong’s market watchdog has withdrawn a lawsuit filed against Standard Chartered and UBS over the 2009 IPO of China Forestry Holdings Co, although this does not mark the end of possible enforcement action, according to sources close to the matter.

Clothing manufacturer Crystal International Group has opened books for its Hong Kong IPO, with a view to raising as much as HK$4.5bn ($573.8m) from selling new stock.

Tencent Holdings-backed China Literature’s $600m-$800m Hong Kong IPO is off to a red-hot start as pre-deal investor education begins, with shadow indications of interest already strong after the first day.

Global Logistic Properties returned to the Panda bond market with a five year note on October 13, raising Rmb1bn ($151.8m). But unlike its last issuance in 2016, GLP opted for the interbank instead of the exchange market, as the company searches for longer-term RMB funding for its China business.

Crystal International Group intends to start taking orders for its $574m Hong Kong IPO on Tuesday at a valuation of up to 15 times earnings, according to bankers close to the matter.

Two North Asian issuers raised $608m in separate overnight primary equity placements on Thursday after both deals were fully upsized, although they priced near the bottom of their respective offering ranges.

Market participants in Hong Kong have welcomed plans by regulators to install a new investor identification mechanism, which will require northbound investors participating in Stock Connect to reveal their identities by the middle of 2018.

Citi has hired Guorong Jiang as chairman and head of corporate and investment banking for China, according to a press release the bank sent out on Friday.

Hong Kong will pursue the sale of a green bond next year, the city’s chief executive Carrie Lam announced in her first policy address this week.

The Chinese Ministry of Finance (MoF) has begun mandating underwriters to issue two tranches of sovereign dollar bonds – the country’s first outing in the dollar market for more than a decade.