Hong Kong SAR

From China’s circuit breaker mayhem to a shock Brexit result and victory for Donald Trump, volatility was not on short supply this year. But after months of ducking for cover, equity bankers are emerging, if tentatively, from under their desks. For equity capital markets, the outlook on China is brightening, writes John Loh.

LR Capital Group made its international bond debut on Tuesday with a $150m deal. The transaction was announced with sufficient anchor orders, thanks to an extensive marketing effort by the leads.

China Petroleum & Chemical Corp, the state-owned oil refiner known as Sinopec, is revisiting plans for a Hong Kong IPO of its retail marketing unit, said bankers close to the matter.

The Bank for International Settlements’ triannual survey found that the renminbi has risen above other emerging market currencies in trading patterns across spot and derivatives, BIS said in a detailed report on the state of global foreign exchange (FX) markets.

China First Capital Group is looking to raise up to HK$1bn ($128.9m) from a placement of fresh equity, equal to more than 10% of its outstanding stock.

Shandong Ruyi Technology Group and LR Capital Group are marketing their respective dollar transactions, ahead of a two-day Federal Open Market Committee meeting starting Wednesday.

Emmanuel Lefort has been promoted to head of global markets for Asia Pacific at Natixis, replacing Serge Ekué who is relocating to the UK.

Chinese selfie app maker Meitu wrapped up its IPO at the bottom of guidance last week, raising HK$4.9bn ($631.5m) in fresh funds.

Hong Kong’s market watchdogs are stepping up enforcement against the misuse of rights issues and open offers that substantially dilute the interests of minority shareholders.

Property developer Country Garden Holdings has signed a $1.5bn dual currency syndicated loan for general corporate purposes, including prepayment of debt.

Hebei Yichen Industrial Group Corp opened books on a HK$839.6m ($108.3m) IPO in Hong Kong on Thursday, signing up three cornerstone investors.

In this round-up, China saw another sizeable drop to its foreign exchange reserves in November, the Shenzhen Connect saw subdued trading activity in its first four days, and Egypt signed its first currency swap line with China. Plus, a recap of our coverage this week.