Northeast Asia

Yeahka, a payments technology platform, is planning to float on Hong Kong’s stock exchange. The Chinese firm hopes to raise around $300m from the deal, said a source familiar with the matter.

Samir Assaf is to step down as chief executive of HSBC’s global banking and markets (GBM) business in the New Year, as a prelude to a restructuring of the division.

Vicky He has rejoined Credit Suisse after leaving the bank in June.

Hong Kong-listed Semiconductor Manufacturing International Corp (SMIC) has tapped an existing convertible bond for $232m.

United Overseas Bank (China), a wholly-owned subsidiary of Singapore’s UOB, sealed a Rmb1bn ($142m) 10 non-call five year subordinated bond on Monday. The trade was the first internationally rated tier-two capital bond in the Mainland debt market.

Hong Kong’s PCGI Intermediate Holdings, a subsidiary of FWD, raised $250m from the bond market on Tuesday. While the company hit its size target, orders were limited and the price guidance was unchanged throughout the day.

The price on Tunghsu Group’s only dollar bond has plunged by more than 20 points in the secondary market, following missed payments in onshore China by a key subsidiary. Addison Gong reports.

Industrial and Commercial Bank of China will pay an upcoming dollar bond coupon on behalf of cash-strapped Tewoo Group, honouring a standby letter of credit (SBLC) it provided for a $500m deal sold by the commodities company two years ago.

Austria has the green light from Chinese regulators for its inaugural Panda bond issue as it looks to become the second eurozone sovereign to tap the market.

Shaanxi Xixian New Area Fengxi New City Development and Construction (Group) Co, a lower-tier Chinese local government financing vehicle (LGFV), has raised $120m in the bond market ahead of a December maturity.

Insurance company FWD Group’s $1.8bn acquisition loan is set to close by the end of November, with two more banks still expected to join the syndicate group.

A group of shareholders in GSX Techedu has launched a follow-on offering of the Chinese education technology firm’s US-listed stock.