Hong Kong SAR

Despite a flying start, China Railway Signal & Communication Corp’s (CRSC) HK$11.03bn ($1.42bn) IPO in Hong Kong succumbed to the dramatic tumble in China’s stock market, forcing it to price the trade at the bottom of the range.

China Reinsurance Corp (China Re) is looking to list on the Hong Kong Stock Exchange via a $2bn IPO in what could be one of the city’s largest debuts this year.

BMO Financial Group has appointed a new CEO for its private banking unit in Asia, BMO Private Bank Asia, with Monique Chan taking the top spot.

Chery HuiYin Motor Finance Service Co is seeking to list in Hong Kong via sole sponsor CICC. The automotive financing company filed a preliminary prospectus with the stock exchange on July 31.

In this round-up, RMB-denominated oil futures are to be open to foreign investors in China, the Brics-backed New Development Bank is to issue its first loan in RMB, and GF International has launched the first ETF based on the MSCI China A International Index in Asia.

Nikko Asset Management has made several changes to its Asia business with the promotion of two senior executives in Singapore and Hong Kong.

China Railway Signal & Communication Corp (CRSC) has released price guidance on its IPO in Hong Kong, with the leads narrowing the range near the bottom to HK$6.50-HK$6.60 ($0.84-$0.85) a share.

French lender Natixis has poached two bankers from RBS to form a corporate advisory department for Asia Pacific.

Central China Securities Co wrapped up its HK$2.53bn ($327m) placement on July 24, allowing its shares to resume trading on July 27 after what had turned out to be a longer-than-usual bookbuilding process.

Chinese equities sent jaws dropping again this week after Shanghai posted its sharpest one-day plunge in eight years. While the market quickly picked itself up, equity capital market bankers believe this seesaw action is a huge incentive for mainland investors seeking a haven in Hong Kong, writes John Loh.

Jing Zhang Brogle has been appointed CEO of the Hong Kong arm of Edmond de Rothschild Group. She moves to the bank with 14 years of experience in private banking and asset management.

Taiwan’s China Development Financial Holding said is seeking to list its brokerage unit KGI Securities in Hong Kong, under a plan that will see KGI restructuring its Asia Pacific operations in a bid to grow its business lines across Hong Kong and southeast Asia.