United States

The shares of Chinese plastic surgery social network So-Young International surged on their first day trading on the Nasdaq, after the firm priced its hot IPO at the top of guidance.

In this round-up, the trade negotiation between China and the US finished its tenth round, China PMI fell in April after previously rebounding and the chairman of the banking and insurance regulator promised more reform.

China’s Zai Lab has priced a follow-on sale of 7.8m American Depository Share (ADS), its second since its listing on the Nasdaq.

US bond bankers are looking forward to a bumper May, with a slew of big ticket M&A financings set to hit the dollar market within days. Bristol-Myers Squibb announced a roadshow on Thursday for a deal that is expected to be around $21bn, to help fund its acquisition of Celgene.

Investors eyeing up Tottenham Hotspur’s plan to repay some of its debts by borrowing against its stadium should be wary of buying into a sport that has a long history of burning investors.

Shares in Tesla, the US maker of electric vehicles, gained as much as 2.8% on Thursday morning after the company announced it would raise up to up to $2.3bn of capital by selling new shares and convertible bonds to strengthen its balance sheet following a net loss of $702m in the first quarter of the year.

Michele Colocci has left JP Morgan and will rejoin Morgan Stanley as chairman of M&A.

US blue chips' strong earnings numbers are spurring the belief that the improving economic fundamentals are behind the global equity rally of the first four months. But investors fear that their peers' confidence is fragile and an unforeseen geopolitical event could deal it a heavy blow.

Bank of America sold two tranches of senior debt totalling €2.5bn in the euro market on Tuesday, joining several of its North American peers in obtaining competitive funding costs across the pond.

Manulife US Real Estate Investment Trust (Reit) has concluded its placement of new units on the Singapore Exchange.

Boutique investment bank Alantra has made new hires across its offices in Europe, Asia and the US.

Huatai Securities has taken a further step to selling shares in an indirect subsidiary, AssetMark Financial Holdings, after filing initial paperwork for the US listing.