Northeast Asia

Chinese firm Weimob is seeking the greenlight to float in Hong Kong, having filed a draft prospectus with the city’s bourse on Monday.

South Korean internet provider SK Broadband Co. hit the dollar bond market on Monday, taking advantage of the stable backdrop for a $300m trade.

Hong Kong has had its first taste of a pre-revenue biotechnology stock with the listing by Ascletis Pharma. Unfortunately, the company got caught up in a wave of volatility and the shares have not fared well. It was not a good start for biotech but the sector should not be judged by this one deal, as it was just the first from a bulging IPO pipeline.

GCL New Energy’s $500m offshore bond plummeted by more than three points in secondary trading on Monday, after its parent company failed to dispose of an asset in Zhejiang. The price plunge also had a knock-on effect on other Chinese new energy bonds.

Haidilao International Holding plans to launch its $1bn IPO in Hong Kong by the end of the month, according to bankers working on the deal.

Shanghai Junshi Biosciences is eyeing a $500m IPO in Hong Kong, having filed a draft prospectus with the city’s stock exchange.

China Industrial Securities International Financial Group, a subsidiary of Industrial Securities, has launched a debut loan of up to HK$4bn ($510m).

The lending arm of Ford’s China operation took advantage of bullish sentiments in the onshore market on August 2, sealing a Rmb4.5bn ($662.3m) securitization. Bankers say Ford managed to price below Nissan, which offered a similar ABS recently, thanks to a major policy announcement that emerged last week.

Taiwanese electronic components distributor World Peace Group is back in the market for a NT$10bn ($327m)-equivalent dual-currency loan. Meanwhile, a Foxconn subsidiary is seeking to refinance an old deal.

Primary bond issuance in Asia-ex Japan has carried on well into the summer, albeit with little participation from high yield borrowers. But bond bankers expect a climax this week before the market quietens down until September.

Zhen Ding Technology Holdings is back for a $300m loan to refinance an old borrowing sealed in 2016.

China’s central bank brings back reserve requirement for FX forwards to support the RMB, the securities watchdog welcomes the launch of two year government bond futures, and a top financial regulatory body says it wants more support for the real economy before China’s leaders meet in Beidaihe.