Hong Kong SAR

Bank of Jinzhou has raised HK$6.15bn ($794m) from its IPO in Hong Kong, pricing the stock near the bottom of the range as investors remain cautious about Chinese city commercial lenders.

China Communications Construction Co (CCCC) is holding off the planned $1bn spin-off of its dredging unit in Hong Kong until next year amid questions about its alleged involvement in land reclamation work in disputed islands in the South China Sea.

Credit Suisse has shaken up its top ranks in Asia Pacific, with changes made to its equity capital markets and southeast Asia investment banking units.

LME Clear, the clearing house for the London Metal Exchange, has launched a trade compression service and given members the ability to post metals warrants as collateral for the first time.

Offshore renminbi funding costs have increased 100bp-150bp in recent weeks after China’s central bank shut down cross-border lending. The move was designed to reduce volatility in offshore renminbi (CNH) ahead of the IMF decision on its Special Drawing Rights basket, several offshore traders have said to GlobalRMB.

Dutch lender ING has appointed John Sprengelmeijer as its new Hong Kong branch manager from December.

CRCC High-Tech Equipment Corp, a unit of Chinese state-owned China Railway Construction Corp, opened books on Monday for a HK$3.06bn ($395m) IPO, with the company counting on the unique nature of its business to appeal to investors.

Citic CLSA Securities has appointed Yu Zhao as its head of China corporate finance and capital markets, in a newly created position aimed at boosting the firm's coverage of the country.

DM Wenceslao and Associates has trimmed the maximum offer price on its IPO of up to Ps10.73bn ($227m) to Ps25 from Ps44, as it gears up to launch and price the deal in the coming weeks.

Morgan Stanley has made a series of high level changes to its business with Eric Ma taking the helm as vice-chairman for southeast Asia, according to an internal memo seen by GlobalCapital Asia.

In this round-up, ANZ launches free trade units in the Shanghai FTZ, RMB deposits drop in Macau and Taiwan, ECB and PBoC complete testing of swap line, JP Morgan starts RMB money market fund transfer solution, and China might begin a RMB fund in collaboration with CEE countries. Plus, a recap of our top stories this week.

Bank of East Asia (BEA) executed a landmark trade this week, completing Asia’s first dollar liability management exercise into a Basel III instrument. With old style bank capital instruments losing capital value, market observers hope there will be more such transactions, writes Rev Hui.