Hong Kong SAR

Three Hong Kong real estate investment trusts are tapping the loan market for funds, with DBS launching two new deals and Hang Seng Bank wrapping up a third transaction, bankers said.

Hong Kong-based WeLab is set to dip its toes in the Asian syndicated loans market for a $50m borrowing, potentially fuelling a trend of fintech start-up lenders hitting the wholesale market for funds.

Postal Savings Bank of China and its potential HK$62.7bn ($8.1bn) IPO got off to a roaring start due to hedge fund demand. Oversubscribed on day one, it is on track to be the world’s largest IPO in two years. But an order book so far dominated by regional names is about to get a lot more global as management leaves Hong Kong for roadshows in the UK and US. Jonathan Breen reports.

Hong Kong’s Securities and Futures Commission has reprimanded HSBC and fined it HK$2.5m ($$322,260) for regulatory breaches and internal control failings linked to position limit failures, it said in a statement.

Hong Kong’s Jacobson Pharma Corp has wrapped up bookbuilding for its IPO, bagging HK$659.4m ($85m) following a strong turnout from long-only accounts.

Chinese healthcare and education names are flocking towards Hong Kong for IPOs, with the most recent filings coming from New Century Healthcare Holding Co and China Yuhua Education Corp.

Prosperity Real Estate Investment Trust opened a HK$1.95bn ($251.51m) borrowing into general syndication on Tuesday to raise fresh funds for an acquisition in Hong Kong.

Bank of Communications Co is set to ask for shareholder approval for its $300m spin-off and listing of its investment banking subsidiary BoCom International in Hong Kong.

HSBC has named Jackson Tai, the former Asia Pacific chairman of JP Morgan and chief executive officer of DBS, as an independent non-executive director of its board.

Postal Savings Bank of China has started taking orders for a Hong Kong IPO that could be worth HK$62.7bn ($8.1bn). Set to be the world’s largest float in two years, the deal is going to add about $130m in fees to the underwriters’ coffers.

China's Redco Properties Group has signed a $130m three year loan with a group of lenders, it said in a Hong Kong stock exchange filing.

China New University Group Co and Luzhou Xinglu Water Co are looking to float in Hong Kong, and have filed for IPO approvals with the city’s exchange.