Hong Kong SAR

The IPO of Dali Foods has become a talking point among bankers that admire what they reckon is the first true bookbuilt equity transaction in Hong Kong in a long time. Their enthusiasm is rightly placed and the company’s tactic is positive for the rest of the year’s pipeline.

Products under the umbrella in the Mutual Recognition of Funds scheme (MRF) will not require institution or product level quotas, the Chinese regulator said on November 6. But experts argue the MRF’s rules may limit its appeal among foreign asset managers, in particular those without an established joint venture in the Mainland.

UNV Digital Technologies is expected to seek listing approval from the Hong Kong Stock Exchange this Thursday and start pre-marketing its $150m IPO on November 16.

Wenzhou Kangning Hospital opened bookbuilding for its HK$681m ($88m) listing on Monday, following in the footsteps of Dali Foods Group by placing out stock to just a few cornerstone investors.

LVGEM (China) Real Estate Investment Company is looking to raise HK$2.3bn ($300m) from a placement of shares with the proceeds intended to go towards funding a big chunk of an acquisition.

In this round-up, Chinese government sets capital account convertibility goal for 2020, IMF yet to decide on RMB SDR inclusion, Shenzhen Connect unlikely in 2015, and cross-border RMB trade settlement in Hong Kong hits new record.

They knew it was coming, but even seasoned bankers at Standard Chartered could not easily shrug off this week’s update from chief executive Bill Winters about the scope and scale of cuts due at the bank.

Dali Foods Group Co has given the Hong Kong IPO market a burst of excitement, launching a HK$10.4bn ($1.34bn) listing that could become the biggest float by a privately-owned company in the city this year. Bankers are touting it as the first deal in a long time to conduct a real institutional bookbuilding rather than simply relying on Chinese state-owned enterprises for demand. Rashmi Kumar reports.

CMS loses deputy CEO in HK — Deutsche ECM banker quits — Moss makes DCM return at Nomura

Hsin Chong Construction Group has ended the two-month lull in the equity-linked market with a $100m convertible bond led by China Merchants Securities, marking the bank’s first solo mandate for a deal in this asset class.

Dali Foods Group Company has provided a burst of excitement to the Hong Kong IPO market, launching a HK$10.4bn ($1.34bn) listing that could become the biggest float by a privately-owned company in the city this year. Bankers are touting it as the first deal in a long time to conduct a real institutional bookbuilding, and it is also offering some diversification to investors.

The Privatisation Commission of Pakistan has issued a request for proposals to firms to help lead a sell-down in State Life Insurance Corp (SLIC).