Northeast Asia

SillaJen Biotherapeutics is planning to go public with an eye to raise W205bn ($179.4m), according to a termsheet seen by GlobalCapital Asia.

A mix of local politics and broader market developments may gradually strip Hong Kong of its role as the cutting edge centre for renminbi internationalisation. But that is probably a good development, at least as far as China’s longer-term strategy is concerned.

The Hong Kong Securities and Futures Commission has fired a warning shot at banks, with both Standard Chartered and UBS being investigated for their roles as IPO sponsors. The move has left other banks wondering which one will be next and comes at a time when the IPO market is teetering. John Loh reports.

ECM bankers in Hong Kong are playing the blame game after a string of recent IPOs disappointed in secondary, fuelling angst among hedge funds and fears that this could hurt the year-end pipeline.

Bank of East Asia (China) has appointed Cartier Lam Chi-man as executive director and chief executive, succeeding Kwan Tat-cheong who will become senior adviser to BEA China.

Invitations are out for a $300m three year borrowing for China ZhengTong Auto Services, a luxury auto dealership. Morgan Stanley is leading the deal, which can be increased in size based on the response.

A man of my intelligence really ought to have known better. I should have trusted my instincts when an acquaintance I hadn't heard from in years invited me, out of the blue, to a news conference his company was holding in the Island Shangri-La hotel last week.

Chinese banks have been winning loan mandates for corporate M&A and management buyouts originating from their home market. Now they turning their attention to financing more sponsor driven activity, as two mainland lenders have shown by joining a leveraged buyout loan for an acquisition by Carlyle Group. Shruti Chaturvedi reports.

South Korea is in the midst of a serious political scandal that could threaten the president, but it seems to have had little impact on the IPOs of Clio Cosmetics Co and Doosan Bobcat.

Hydropower firm China Yangtze Power Co debuted in the equity-linked bond market this week, raising $521.9m with a dual currency exchangeable bond — a product rarely seen in Asia. The liquid nature of the underlying stock and the credit quality of the issuer helped reel in demand, writes Jonathan Breen.

Bank of China’s highly anticipated green covered bond launched Thursday, with books growing quickly in the first few hours.

Softer markets caught Central China Real Estate off guard this week, with the leads forced to increase pricing after launch to get its deal away. The deal highlights a shift in pricing for high yield property developers at a time when supply is set to increase, writes Addison Gong.