Hong Kong SAR

Sogo department stores operator Lifestyle International has firmed up the bank group for a HK$9bn ($1.16bn) loan to finance a project on a plot of land it acquired last year.

Indian telecom hardware company Tejas Networks is just a few steps away from its IPO, having filed a draft prospectus with the market regulator more than eight years after first proposing the idea of going public.

Valentine’s Day celebrations may be upon us, but the onshore RMB is not feeling much love, as the fix and spot rates against the dollar start on a weak note. In other news, FX spending by PBoC grew by over $100bn in 2016 and the Hong Kong stock market is soaring on the back of heightened inflows from Mainland investors.

Daniel Murphy has joined UBS in Hong Kong as the Asia Pacific head of equities sales trading, alongside two new hires in equity derivatives.

In this round-up, the offshore RMB (CNH) nearly eliminates its spread with the onshore RMB, a Standard Chartered index on RMB internationalisation ends 2016 poorly, and the Hong Kong Exchange (HKEX) sees new records set in RMB futures contracts in January. Plus, a recap of our stories.

Shandong International Trust Co’s $300m IPO in Hong Kong has been given the go-ahead by the China Securities Regulatory Commission.

Maybank Kim Eng’s chief executive officer for Hong Kong and China has left the firm, according to sources close to the matter.

Singapore Telecommunications is working with DBS, Morgan Stanley and UBS to lead the $2bn IPO of its broadband unit NetLink Trust.

Ashurst has appointed Pui Hong Chik as a partner in its corporate practice in Hong Kong to bolster its Greater China business, the law firm said on Thursday.

An old chum of mine decided to host a round of poker for his banker colleagues in his apartment last week, deciding to ring in the New Year with a spot of gambling.

Cornerstone investors taking up huge chunks of Hong Kong IPOs have caused much controversy in recent years, but that looks set to change. China’s foreign exchange regulator has provided a new route for investing in the city’s listings, which is expected to diversify the pool of potential cornerstones beyond the typical state-owned enterprises, and friends and family investors. Jonathan Breen reports.

Wells Fargo has named a new regional president for Asia Pacific, promoting Jafar Amin.