Northeast Asia

In this round-up, China announces a reserve requirement ratio cut for small banks and a reduction on the interest rate for excess reserves, Bank of Jinzhou will sell some of its assets at a steep discount and the Chinese securities regulator condemns Nasdaq-listed Luckin Coffee for faking its sales record.

JP Morgan Asset Management is set to become the first foreign asset manager to fully own a Chinese fund management company, after its onshore partner agreed to exit their 15-year-old joint venture.

Hong Kong-listed Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co has won approval from Shanghai’s bourse to list shares on the Star board.

In this round-up, the Mainland is keeping a close eye on people who did not show any symptoms but still tested positive to Covid-19 and the country said medical supplies that do not meet domestic standards will not be exported.

In this round-up, the Caixin manufacturing Purchasing Managers’ Index (PMI) rebounded to above 50 following a V-shaped recovery in official PMIs, and US-listed Luckin Coffee saw its share price plunge by 75% after admitting to fabricated sales.

Hong Kong-listed Xiaomi Corp sold its first private placement Panda bond on Thursday. The Rmb1bn ($141m) deal was priced tighter than banks and the issuer previously expected.

Hong Kong’s Securities and Futures Commission has made a series of concessions for traders and other investment intermediaries tackling the coronavirus to operate from overseas.

The MTN market is picking up as issuers (particularly corporates and SSAs) and investors find opportunities for attractive deals.

BlackRock and Neuberger Berman are looking to set up wholly-owned mutual fund businesses in China, which this week loosened ownership restrictions for foreign asset managers.

Hong Kong saw a pair of block trades this week as WuXi Biologics Holdings offloaded HK$4.6bn ($599.4m) in WuXi Biologics (Cayman) stock and Viva China sold HK$1.51bn in Li Ning Co shares.

New Development Bank, a multilateral development bank established by the five BRICS countries, sold a Rmb5bn ($704m) three year Panda bond on Thursday. All proceeds will be used to fund an emergency loan NDB recently promised to three Chinese provincial governments to help them combat the Covid-19 outbreak. Rebecca Feng reports.

Hong Kong's AIA Group and China's Baidu reopened the Asian bond market this week, proving that investors are still willing to commit to the right credits ─ as long as they come at the right price. Morgan Davis reports.