Hong Kong SAR

Just a few weeks apart, announcements were recently made by the Stock Exchange of Hong Kong (HKEX) and Singapore’s SGX respectively about changes to front line regulatory functions they perform. The approaches under these proposals couldn’t have been more different, writes Philippe Espinasse.

Industrial Securities Co is planning an up to $200m float in Hong Kong and has filed an application with the city’s exchange, according to a source close to the deal.

China Jinjiang Environment Holding Co has told investors that its S$184.34m ($137m) Singapore IPO is comfortably covered, as the fixed price offering appears poised to sail through.

Oversea-Chinese Banking Corp has merged its two subsidiaries in the Mainland — OCBC Bank (China) and Wing Hang Bank (China) — in a bid to comply with the country’s single presence policy for foreign lenders.

Lifestyle International Holdings, which operates the well-known Sogo department stores, is set to allocate a HK$8bn ($1bn) fundraising shortly.

Chinese sportswear maker 361 Degrees has announced the results of a tender offer for its offshore renminbi-denominated notes.

Hospitality business Genting Hong Kong, which operates cruise liners, has signed a $500m borrowing to refinance debt taken for funding six vessels.

Patrick No has taken up a new role at Credit Suisse as head of financial sponsors coverage in the investment banking and capital markets (IBCM) division for Asia Pacific.

Link Real Estate Investment Trust brought the first green bond from a Hong Kong corporate on Thursday, printing $500m worth of notes at a level that was considered fair value among investors.

Bank of Communications, China’s fifth biggest bank, is mulling an IPO of its investment banking arm in Hong Kong, issuing a request for proposals for a possible $300m listing, sources said.

In this round-up, Singapore Exchange reports strong trading of RMB currency futures, China’s RMB cross-border trade settlement jumps and sales under Mutual Recognition of Funds (MRF) pass Rmb2bn in May. Plus, a recap of GlobalRMB's coverage this week.

Hospital operator Guangdong Kanghua Healthcare Co has filed for approval to float on the Hong Kong Stock Exchange, joining a group of its Chinese peers opting to list in Hong Kong.