Northeast Asia

An event of default has occurred on Hong Kong-listed Wuzhou International Holdings’ $300m bond, after the company failed to make principal payments of Rmb1.002bn ($151m) on its onshore loans.

Cornerstone investors used to be the trusted, fail-safe, mechanism that ensured the success of Hong Kong IPOs. Not anymore, writes Clawback columnist Philippe Espinasse.

Howard Bamsey has stepped down as executive director of the Green Climate Fund with immediate effect, at the end of a four day board meeting described as "very difficult and disappointing" by the organisation's co-chairman.

Mainland firms Hujiang Education & Technology Corp and China Beststudy Education Group are planning to list in Hong Kong, having submitted IPO documents to the stock exchange.

Property firm Greentown China Holdings has closed an $800m borrowing after attracting 17 lenders during syndication, according to a company filing.

United Asia Finance, a Hong Kong-based consumer loan provider, has closed its latest dual-currency borrowing, raising the equivalent of HK$4.7bn ($599m).

Want Want China Holdings became the first issuer from Taiwan to tap the onshore Panda market last week, the company told GlobalRMB. But it is unclear how strong an appetite the food manufacturer has for this asset class, having raised just Rmb500m ($75m) in its debut.

Mak Ka Ming, former head of structured finance at Chong Hing Bank has joined China Everbright Bank’s Hong Kong branch, according to a source close to the move.

Hong Kong start-up Welab Holdings has filed a listing application with Morgan Stanley as lead left underwriter and sponsor alongside JP Morgan.

Bio-technology firms AOBiome Therapeutics and Stealth Biotherapeutics Corp are seeking the greenlight to float in Hong Kong, adding to a fast-growing pipeline from the sector.

Asia’s primary bond market has been deathly silent this week, slammed shut by a pair of public holidays and a gun-shy investor base. But borrowers continue to wait on the sidelines, ready to jump at any chance they can get.

One year since the launch of Bond Connect, central bank officials say increasing liquidity on the bond link and harmonising the scheme with other access programmes are the key tasks at hand.