Northeast Asia

Hong Kong stole the show for overnight share sales in Asia this week as three transactions worth a total of $1.3bn were priced — before a monster $10.6bn sell-down in Tencent Holdings launched as GlobalCapital Asia went to press on Thursday.

Global internet and entertainment group Naspers launched a block sale of Tencent Holdings shares on Thursday, looking to raise $10.6bn, according to a term sheet seen by GlobalCapital Asia.

GLP is lining up a three year Rmb1.2bn ($190m) bond in the interbank market next week, less than two months after the issuer sold a bond of the same size in the exchange market.

Credit Suisse has added two senior executives to its A-share research team in China as the firm prepares for an influx of funds ahead of MSCI’s A-share inclusion.

Asia’s dollar bond issuers were back in the market on Thursday after taking a pause during the US Federal Open Market Committee meeting this week.

Despite bagging Rmb4bn ($633.2m) from the Chinese asset-backed securities market on Tuesday, GAC-Sofinco Auto Finance failed to attract offshore interest and priced the deal wider than it did in its last transaction. But these upsets have not affected the carmaker’s appetite for more onshore deals.

The order book for OneSmart International Education Group’s $212m IPO on the New York Stock Exchange is well covered across the price range, said a banker at one of the leads.

Credit Suisse has promoted Joe Lai to co-head of China investment banking and capital markets (IBCM), according to a memo seen by GlobalCapital Asia.

Funding officials said green bonds had stimulated other sustainability work across their organisations at the Climate Bonds Initiative conference in London on Tuesday.

Commodities trader Noble Group decided not to repay a $379m bond that matured this week, triggering an event of default. But the latest development got little reaction from the market, as the company has long been in the process of restructuring almost $3.4bn of debt.

Hong Kong-listed New World Development has converted a loan signed in March 2016 into a green loan, a first of its kind for the company and in line with its plan to promote sustainability across its business.

China’s regulators have floated the idea of using Chinese Depository Receipts (CDR) to attract the mainland’s new economy giants to list on the home market — a big step in the right direction if China wants to win the returning business of its foreign listed technology firms. But with rules around the issuance still in the works, focusing on small names may reap big rewards.