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Morgan Stanley

  • High hopes for a bumper corporate finance year in Saudi Arabia have been dashed by the pulled Aramco IPO, the blockade of Qatar and the murder of journalist Jamal Khashoggi, writes David Rothnie.
  • Shanghai-listed WuXi AppTec has started bookbuilding for its HK$7.5bn ($958.28m) Hong Kong IPO, which has already received good response from international long-only investors, according to a banker close to the deal.
  • Australian coal producer Yancoal has begun bookbuilding for its HK$1.54bn ($196.88m) dual listing on the Hong Kong stock exchange, offering its stock at a considerable premium to its domestically traded shares.
  • Sinochem Energy has delayed its Hong Kong listing until 2019, according to a source close to the deal.
  • Takeda Pharmaceutical, the Japanese firm buying UK rival Shire, defied tough market conditions to press ahead with a $5.5bn trade to help fund its $62.5bn acquisition ahead of the Thanksgiving holiday.
  • Coal producer Yancoal will start bookbuilding early next week for a Hong Kong IPO, making it the first Australian-listed company to have a dual listing in Hong Kong, according to a banker close to the deal.
  • Babytree Group and Tongcheng-Elong Holdings both got their Hong Kong IPOs past the finish line this week, as equity markets globally continue to get battered by volatility.
  • Chinese online educator Koolearn Technology Holding has launched pre-marketing for its Hong Kong IPO at a time when the mainland government is stepping up regulation of the private education sector.
  • Babytree Group has bagged HK$1.7bn from its IPO after pricing it at the bottom of guidance amid volatility in equity markets.
  • Online travel agent Tongcheng-Elong Holdings has raised HK$1.41bn ($180m) from its Hong Kong IPO. The leads on the deal had to spend time convincing a number of anchor investors to stay in the transaction given the state of the market.
  • The SSA dollar market’s resilience in the face of a series of potential headwinds was standing firm this week, with Netherlands Waterschapsbank’s benchmark from late last week tightening while bonds in the euro sector widened.
  • Rating: Aaa/AAA