Northeast Asia

The decision by bond syndicates in Asia to reveal their orders for new deals will be a clear step forward for the market — but only if the practice becomes widespread.

Financial markets have grown increasingly uncertain since the US government threatened earlier this month to impose a fourth round of tariffs on China. Chinese companies are beginning to lose sway with their investors: they need to get on with their fundraising plans before the trade war heats up any further.

The People’s Bank of China (PBoC) launched a pilot programme on Monday to set up ETFs that can include bonds in the interbank market as well as bonds traded on stock exchanges, as part of an effort to connect the two markets.

Haitong UniTrust International Leasing Corp has finally begun bookbuilding for an IPO, more than two years after it first announced plans to list on the Hong Kong Stock Exchange.

Chinese issuer Huachen Energy has skipped a dollar bond coupon, as its troubled parent company Wintime Energy slips further into a liquidity crisis.

JP Morgan’s private equity arm has bagged W390.7bn ($327.5m) after selling a chunk of shares in South Korean firm Celltrion Healthcare, according to a source close to the deal.

Xinyi Energy Holdings has come through tough market conditions to finalise its Hong Kong IPO, pricing the deal towards the bottom of the guidance range.

South Korean company SK Biopharmaceuticals is planning to launch an IPO by the end of 2019 and could net proceeds of up to around W1tr ($838.5m), according to a source close to the deal.

Oceanwide Holdings Co has priced a new $280m two year bond to replace in part an imminent maturity, paying one of the highest yields Asia has seen so far this year.

China Lesso Group Holdings, a manufacturer of home building materials, is preparing to refinance two loans with 2020 maturities, inviting existing lenders to join the mandated lead arranger and bookrunner group.

Hansoh Pharmaceutical Group has won approval from the Hong Kong Stock Exchange for a new listing worth up to $1bn.

Liu Shiyu, former chairman of the China Securities and Regulatory Commission (CSRC), is under investigation after turning himself in to the nation’s corruption watchdog, according to a statement on Sunday.