Northeast Asia

In this round-up, total social financing (TSF) rebounded in November, auto sales plummeted for the fifth consecutive month, and Standard Chartered’s renminbi globalisation index (RGI) fell for the first time in six months.

Xinyi Energy Group (XYE) has cancelled its potential HK$4.5bn ($575.8m) IPO in response to choppy markets. It was planning to debut on the Hong Kong Stock Exchange on December 21.

In this round up, Hong Kong's Securities and Futures Commission put an ETF link on hold, venture capital funds will get more tax cuts, and Hong Kong signed up to the fourth closer economic partnership agreement with the Mainland.

China has rolled out trade concessions to the United States, signalling a willingness to negotiate before the trade war gets out of control. But it has also increased its rhetoric over the arrest of Huawei’s chief financial officer in Canada.

Zhengzhou Metro Group became the latest Chinese local government financing vehicle (LGFV) to price a dollar bond, turning to the market on the same day two issuers in Chengdu and Yichang also raised funds.

Fantasia Holdings Group Co locked up a final dollar deal of the year on Thursday, but paid a generous 15% yield to secure anchor orders for the transaction.

AviChina Industry & Technology Company is seeking the greenlight for an H-share placement of up to HK$1.37bn ($175m), partly in a bid to broaden the shareholder base of the company.

Shanghai Junshi Biosciences kicked off bookbuilding this week for a potential HK$3.24bn ($414.4m) IPO and by Thursday had the float covered across the price range, according to a banker on the deal.

The Hong Kong Stock Exchange and its counterparts in Shanghai and Shenzhen have reached a deal to include companies with dual-class shares on the southbound trading of Stock Connect.

Chinese telecommunication software provider AsiaInfo Technologies raised HK$900m ($115m) this week after pricing its flotation at the bottom of the indicative range.

Tencent Music Entertainment Group (TME) gave investors a year-end treat this week with 2018’s last billion-dollar IPO from an Asian issuer. It was paid back with a near 8% jump in its stock price on the first day of trading. But to succeed the firm had to cut its fundraising target and get realistic on pricing. Jonathan Breen reports.

Chinese sportswear company Anta Sports Products is in talks with its six-strong bank group, mulling the syndication strategy for a €2.2bn five year loan to support the acquisition of Finland’s Amer Sports Oyj.