Northeast Asia

Over the years I’ve had many a drink at the Captain’s Bar. As Tai Tai so readily points out, I’m solely responsible for keeping the place open.

The much anticipated Shanghai tech board held its first listing committee meeting on Wednesday. Three companies are en route to be registered with China Securities Regulatory Commission (CSRC) and become the first batch of listees on the board.

Logistics provider ESR Cayman launched what will be the Hong Kong Stock Exchange’s biggest IPO of 2019 so far on Wednesday, seeking to raise up to HK$9.76bn ($1.24bn) as hopes of US rate cuts opened a clear window in otherwise trade war-weary markets. Gina Lee reports.

China East Education Holdings pulled off the largest education IPO in history this week, despite the mainland education sector suffering under state constraints. The company operates in a niche free of the heavy-handed regulator, which helped it draw a flood of interest to its HK$4.9bn ($625m) offering. Jonathan Breen reports.

Securitization investors and traders have told GlobalCapital that CLO anchor investor Norinchukin Bank has taken a step back from both the US and European markets. As Tom Brown writes, some have suggested that the bank’s domestic regulator has voiced concerns about its surging holdings of senior CLO debt.

China’s Hansoh Pharmaceutical Group has priced its HK$7.9bn ($1bn) Hong Kong Stock Exchange offering.

JP Morgan has hired former UBS banker David Xu to lead onshore equities as it readies the launch of its Mainland securities joint venture.

Chinese securities houses and banks have suffered a rough two weeks that have hit their funding conditions. A lawsuit from China Merchants Bank (CMB) against Everbright Capital has brought even more worry to a market still recovering from the panic caused by Baoshang Bank’s takeover.

Chinese higher education provider Edvantage Group Holdings has begun pre-deal investor education for its Hong Kong IPO, according to a source familiar with the matter.

Chinese online tutoring company GSX Techedu has raised $207.9m after pricing its US listing at the mid-point of guidance, according to a source familiar with the matter.

Investors piled into Guangdong Energy Group’s inaugural offshore bond issue, allowing the single-A rated power supplier to price the trade from an over eight times covered order book.

Dongfeng Nissan sold its 13th Chinese auto loan ABS, a Rmb4.3bn ($621m) three-tranche note, on June 13. Both senior tranches were priced 25bp higher than the issuer's previous deal.