Northeast Asia

US-listed internet giant NetEase is set to launch its Hong Kong secondary public offering, after getting the green light from the city’s stock exchange.

Chinese real estate developer Sichuan Languang Development Co rushed into the market last Friday with a dollar deal, to avoid any market fallout over the weekend from rising tensions between the US and the Mainland.

Biopharmaceutical company Legend Biotech Corp has kicked off bookbuilding for its Nasdaq IPO of up to $368.5m, according to a source familiar with the matter.

Asia’s loan market is slowly recovering from a near-shutdown due to Covid-19, with bankers predicting a busy couple of months ahead. But syndication will still be a challenge as lenders continue to remain risk-averse and selective on deals.

In this round-up, the US says it will strip Hong Kong of its special trade status after Beijing passed the national security law on the special administrative region (SAR), and China’s securities houses will be able to raise subordinated debt in the public markets.

The Asian Infrastructure Investment Bank has hired banks for a renminbi sustainable development bond, its first outing in the Panda market.

In this round-up, tensions between the US and China rise dramatically after China says it would impose a national security law on Hong Kong SAR, and the USD/CNH exchange rate reacts strongly to the latest developments.

More borrowers navigated Covid-19 related pressure and rising US-China tensions to raise funds from the dollar bond market on Thursday.

South Korean firm Big Hit Entertainment, manager of popular K-pop boy band BTS, has applied for a preliminary review of its IPO with the Korea Exchange.

In this round-up, China’s central bank injects liquidity into the market through reverse repos over four consecutive days, industrial profit growth rebounds in April from recent lows, and officials will work on guidelines for Panda bonds from SSA issuers.

Geely Automobile Holdings has tapped the equity market for the first time for 11 years, raising HK$6.48bn ($836m) from an overnight share sale.

Hong Kong’s capital markets were left roiling this week as investors tried to grasp the significance of a new national security law. Some fund managers are jumping on opportunities amid the ensuing confusion, but other market watchers see the city losing its financial edge. Jonathan Breen reports.