Hong Kong SAR

Warehouse developer China Logistics Property Holdings Co has added HK$3.4bn ($438.3m) to its coffers after sealing a Hong Kong IPO at the top of price guidance, according to a source close to the deal.

Yihai International Holding has priced its IPO towards the top end of guidance, raising HK$858.0m ($110.6m).

In this round-up, Hong Kong saw RMB deposits, trade and clearing pick up, foreign exchange trading in China as direct trading of Korean won and South African rand is launched, and Standard Chartered’s RMB Globalisation Index (RGI) fell to its lowest since August 2014. Plus, a recap of our coverage this week.

Hong Kong Telecommunications (HKT) stood out in what was a very crowded Thursday for the Asia ex-Japan dollar bond market, pricing the region’s tightest triple B rated 10 year bond.

A new index series created by Thomson Reuters and licensed to the Hong Kong Exchange (HKEX) is aiming to become the renminbi equivalent of the widely used DXY dollar index, one of the series’ creators at Thomson Reuters told GlobalRMB.

Stuart Tait has been named HSBC’s new regional head of commercial banking, Asia Pacific, replacing Paul Skelton who has decided to leave the firm to pursue other opportunities.

Credit Suisse has restructured its Asia Pacific investment banking team, naming Ali Naqvi as head of global markets for the region from co-head and making him responsible for both equities and fixed income.

A pair of Chinese firms are preparing potential multi-billion-dollar deals. Postal Savings Bank of China Co is seeking approval for a Hong Kong IPO that could raise up to $8bn, according to sources familiar with the matter, while China Resources Beer (Holdings) Co is aiming to net HK$9.5bn ($1.2bn) from a rights issue in the next few weeks.

Chinese fashion house JNBY Design is looking to float in Hong Kong to raise some $150m, filing a preliminary prospectus with the city’s stock exchange on Tuesday.

China Resources Beer (Holdings) Co is preparing a jumbo rights issue, aiming for a size of HK$9.5bn ($1.2bn).

Greentown Service Group has priced its Hong Kong IPO slightly above the mid point of the original range, raising HK$1.55bn ($200m) in the aftermath of Brexit, according to sources.

CICC has responded to recent speculation that it is merging with China Investment Securities, saying there are discussions for a strategic co-operation although nothing concrete has been signed yet.