Northeast Asia

China's Frontage Holding Corp has raised HK$1.6bn ($204.6m) with an IPO on the Hong Kong Stock Exchange, after pricing the deal at the top of its guidance range.

The offshore loan market has been quiet this year as Chinese companies have either cut or postponed their fundraising plans. Having stocked up well with debt at the end of last year, and with the onshore market offering new opportunities, many borrowers are simply happy to sit by and wait as the US-China trade war rages on.

China has made great strides in developing its bond market. But bankers and credit analysts admit there are still major problems with the accuracy of financial accounting. Rebecca Feng reports.

Biopharmaceuticals company Mabpharm launched bookbuilding for its up to HK$1.53bn ($195m) flotation, while Hansoh Pharmaceutical Group set pre-marketing in motion for its Hong Kong listing.

Mulsanne Group Holding broke new ground this week by pricing its IPO below the initial marketed range, debuting a mechanism introduced to the Hong Kong stock market just last year. The move could become more common in the city if US-China trade tensions continue to ramp up market volatility, according to equity capital markets bankers. Jonathan Breen reports.

The Trade and Development Bank of Mongolia (TDBM) postponed its proposed dollar bond on Thursday, after opening the order book for the three year notes on Tuesday.

Agricultural Development Bank of China (ADBC), one of the three policy banks in China, sold a Rmb3bn ($434m) dim sum bond with a Rmb200m retail portion on Thursday. The issuer added another Rmb1bn offering during bookbuilding thanks to ultra high demand.

The Asia Pacific Loan Market Association named a new chairman at the annual general meeting in Hong Kong on Wednesday.

High yield property company Kaisa Group Holdings sold its third dollar bond of the year on Wednesday, riding on the high of its recent rating from Moody’s to raise $400m.

Yiwu State-owned Capital Operation Co, a Chinese local government financing vehicle (LGFV), nabbed $600m on Wednesday in a deal that was led by 14 banks.

It was the best of times, it was the worst of times. It was the age of financial technology, it was the age of carrying your money around in a duffel bag. It was the epoch of cashless payment systems and disruption, it was the epoch of an old man riding an elephant over a mountain to the nearest bank branch.

English-language training provider Meten International Education Group filed an application with the US Securities and Exchange Commission on Wednesday for its proposed offering of American Depository Shares (ADS).