Northeast Asia

Online mobile game developer Archosaur Games is set to price its HK$2.17bn ($280.5m) Hong Kong IPO at the top of guidance, said a source close to the deal.

New Development Bank sealed its second Panda bond of the year on Monday. Despite coming out on a ‘miserable’ day for China’s domestic debt market, support from Chinese banks helped the multilateral development bank price a tight deal.

A rally in Hong Kong and China’s equity markets on Monday buoyed sentiment among debt investors too. They pumped in orders of more than $10bn into Shanghai International Port (Group) Co’s dollar bond at the peak.

Zhenro Services Group, a Chinese property manager, has pulled off a HK$1.14bn ($146.8m) IPO, pricing the deal close to the top of the marketed range, according to a source close to the trade.

Cigarette packaging producer Amvig Holdings has made a rapid comeback to the loan market for a HK$1.35bn ($174m) borrowing.

Kookmin Bank is expected to surface later this week with its first euro covered bond which will fund social housing. The deal is to emerge amid mounting concern that diminishing supply, rising redemptions and aggressive central bank buying will cause an unprecedented technical squeeze in the covered bond market.

Mainland-based firms OcuMension Therapeutics and Immunotech Biopharm sealed their Hong Kong IPOs at the top of guidance, riding on support from both institutional and retail investors.

Wuhan Dangdai Science & Technology Industries (Group) Co chose a quiet Friday for deal flow to raise $200.5m from a tap.

Cathay Media and Education Group is set to wrap up bookbuilding for its Hong Kong IPO two days early, on the back of strong demand from institutional investors, according to a source close to the deal.

In this round-up, regulators release official guidelines for follow-on offerings in the Nasdaq-style Star market, issuers of onshore ‘enterprise bonds’ get an extension on their regulatory approvals, and a financial unit of JD.com starts pre-listing education for its Star debut.

In this round-up, local governments are encouraged to use debt raised to improve smaller lenders’ capital ratio, the Bond Connect scheme launched three years ago helps foreign holding in Chinese bonds to top Rmb2.6tr, and Luckin Coffee’s Lu Zhengyao holds on to his chairman role.

Country Garden has launched a $1.5bn-equivalent loan into general syndication after mandating a group of nine banks.