Hong Kong SAR

It has been mooted for months but the Shenzhen-Hong Kong Stock Connect remains elusive with little detail on when the scheme will launch. But instead of being too overly fixated on timing, market participants said the focus should instead be on the scheme’s potential impact and the further liberalisation of China’s securities market.

Yihai International Holding has narrowed the price guidance on its up to HK$889.2m ($114.6m) Hong Kong IPO to the upper half of the marketing range, said a source close to the transaction.

Hon Hai-owned Foxconn Interconnect Technology, also known as FIT Hon Teng, is eyeing a listing in Hong Kong that could fetch up to $600m after the summer, said sources close to the deal.

Postal Savings Bank of China Co is seeking approval from the Hong Kong Stock Exchange to list, in a deal that could raise up to $8bn, according to sources familiar with the matter.

Credit Suisse has promoted Ali Naqvi to head of global markets for Asia Pacific from co-head and put him in charge of both equities and fixed income, according to sources close to the move.

Nomura has added a pair of bankers to its Asia ex-Japan equity capital markets team, according to sources familiar with the matter.

Yihai International Holding launched its Hong Kong IPO last Thursday to raise HK$$889.2m ($114.6m), with the company choosing to go it alone without the aid of cornerstone investors.

The impact of the UK’s decision to abandon its European Union membership hit Asian equity capital markets with varying degrees of intensity this week, with some IPOs wobbling and others braving market jitters to launch deals. But orders have become smaller and there is a clear flight to safety among investors. Jonathan Breen and John Loh report.

China’s DFZQ, also known as Orient Securities Co, and China Development Bank Financial Leasing Co have raised a combined HK$14bn ($1.8bn) after pricing their IPOs towards the low end of guidance, according to sources close to the deals.

The loans team at Standard Chartered in Hong Kong has undergone a number of changes, with new bankers coming into the fold to replace those who have left recently.

China’s DFZQ, also known as Orient Securities Co, has raised HK$7.8bn ($1.0bn) from its Hong Kong listing after pricing at the bottom half of the marketing range, according to a source close to the deal.

China’s Ministry of Finance completed a Rmb14bn ($2.17bn) auction of offshore renminbi government bonds on Wednesday, with strong demand from investors resulting in a more than three times covered transaction.