UBS

Chinese biotechnology company InnoCare Pharma’s shares surged over 10% on their Monday debut, following an online opening ceremony for the HK$2.2bn ($288.7m) listing in Hong Kong.

Chinese e-commerce giant JD.com has hired Bank of America and UBS to lead a secondary listing in Hong Kong, according to multiple sources familiar with the matter.

Chinese biotechnology firm InnoCare Pharma has priced its HK$2.2bn ($288m) IPO at the top of the marketed range, following solid demand from institutional and retail investors, according to bankers close to the deal.

Global equity capital markets suffered severe hits this week, as governments scrambled to respond to an escalation in the coronavirus pandemic. But amid the mayhem, InnoCare Pharma saw an opportunity to launch its IPO, treating Hong Kong to its largest listing in about two months. Jonathan Breen reports.

Thai conglomerate Charoen Pokphand Group’s $10.6bn purchase of Tesco’s Asia business has been hailed as a “landmark” deal that will liven up the region’s loan market. Bankers are now openly debating how they can get in on a financing that will tap both international and domestic liquidity. Pan Yue reports.

Chinese biopharmaceutical firm InnoCare Pharma kicked off bookbuilding for its Hong Kong IPO on Wednesday, securing over half of the deal with cornerstone investors.

Months of bidding for UK retail giant Tesco’s Asia business has finally ended, with Charoen Pokphand Group emerging victorious. Three banks have provided financing to the Thai conglomerate to support the purchase.

Indian real estate developer Lodha Developers International offered investors a 14% yield to secure demand for its $200m bond, after being forced to widen pricing from initial guidance.

Green deals from Hypo Vorarlberg and Russian Railways were sold in Swiss francs this week in what were immensely tricky conditions. The market was awash with deals in January and February, but many feel the spread of coronavirus will bring a halt to the momentum moving into March.

New emerging market bond issues have been assessed on a case-by-case basis this week as the spread of the Covid-19 virus delivered sharp swings in global markets. Some borrowers wanted to forge ahead in case of a further sell-off, while others prefer to wait for a recovery.

New emerging market bond issues are being assessed on a case by case basis as a split between those issuers keen to forge ahead and those preferring to delay emerges.

Sinic Holdings (Group) Co and JY Grandmark Holdings made their debuts in the dollar bond market on Wednesday. Both issuers opted to use a 364-day tenor to get the deals done.