Northeast Asia

Hong Kong’s VPower Group International Holdings has raised HK$1.61bn ($206.3m) after pricing its IPO just off the bottom of guidance.

In this round-up, the Hong Kong Stock Exchange saw surges in trading of offshore RMB (CNH) futures, BMO became the first Canadian bank to become market maker for CAD-RMB direct trading, and the country of Djibouti is launching a Silk Road Bank. Plus a recap of GlobalRMB’s top stories this week.

Changsha Pilot Investment Holdings Co is readying its international debut, having mandated two firms to arrange roadshows next week.

China Energy Reserve and Chemicals Group and CEFC China Energy Company managed to drum up investor interest for their respective dollar bonds on Thursday despite a choppy market backdrop.

With the RMB hitting new lows against the dollar following the US elections, the move away from offshore RMB (CNH) deposits is likely to continue, if not accelerate. GlobalRMB is introducing a new historical chart tracking the level of CNH deposits across Hong Kong, Macau, Singapore, South Korea and the UK.

Chinese biopharmaceutical company BeiGene has net $200m from a follow-on public offering of American Depositary Shares (ADSs).

JP Morgan is paying a chunky $264m to the US authorities to settle charges that it won business from clients and government officials in Asia Pacific by giving jobs and internships to their relatives and friends.

The transition to a new IMF special drawing rights (SDR) basket, inclusive of the renminbi, is just the starting point for efforts by China and the IMF to see the basket take up a greater role as a global liquidity tool.

Nifty 50 futures trading on the Taiwan Futures Exchange will be able to be sold in the US, following a ruling by the Commodity Futures Trading Commission.

Donald Trump’s shock victory in the US presidential elections was no obstacle to Santander’s Chilean arm this week as the bank became the first issuer from the South American country to raise financing in Taiwan’s Formosa market, as well as pocketing Sfr125m ($125m) from a clutch of Swiss investors.

There’s a price to pay for market uncertainty, as Asian dollar bond issuers found out this week. While some had to offer hefty premiums to entice investors, Country Garden was forced to pull its deal on Wednesday following lukewarm demand. As investors turn cautious, market participants say that short-dated paper and juicy yields will be key for the next few weeks. Morgan Davis reports.

The equity capital markets teams at Deutsche Bank, CMB International and Citi in Hong Kong have each had personnel changes.