Northeast Asia
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A group of banks that worked on Luckin Coffee’s IPO is facing questions after an alleged multi-billion renminbi fraud came to light last week. But some of the limelight has already been drawn away by another possible fraud case in China and a controversial short report, creating wider uncertainty around US-listed Chinese stocks. Jonathan Breen and Rebecca Feng report. -
Chinese biopharmaceuticals firm Akesobio is preparing to launch bookbuilding for its IPO next week, according to a source close to the deal.
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The controlling shareholder of South Korean entertainment company Studio Dragon raised W166.1bn ($136.2m) this week after selling a portion of its stake.
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The government’s response to the coronavirus has forced me to spend more time at home. Unfortunately, my wife is doing the same thing.
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Dr Peng Telecom & Media Group Co, a Chinese company with an international bond that falls due in two months, has told domestic investors it might not be able to redeem a Rmb1bn ($141.7m) onshore bond, after investors decided to put the deal.
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Korea Development Bank raised $500m in a floating rate bond on Tuesday, opening the international debt market for other South Korean issuers.
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DBS’s former head of North Asia loan distribution and origination is set to join China Citic Bank International, according to multiple sources aware of the move.
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Zhejiang Geely Holding Group, a Chinese auto company, is in talks with banks for a new loan to support a planned restructuring.
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The Asian Infrastructure Investment Bank (AIIB) has approved a Rmb2.485bn ($355m) emergency loan to China. It will be used to upgrade public health infrastructure in Beijing and Chongqing and provide emergency equipment and supplies to the two cities.
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The People’s Bank of China announced the much-anticipated cut to the reserve requirement ratio (RRR) by 100bp for small and medium-sized banks last Friday. But in a surprise move, the central bank also dug out an old tool to appease the market after hopes were shattered on a lower benchmark deposit rate.
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Chinese biopharmaceutical firm Akesobio has got the greenlight from the Hong Kong Stock Exchange for its IPO, which is expected to raise $200m to $300m, according to a source familiar with the matter.
