United States

Chinese ride-hailing giant Didi has raised $4.4bn from its New York Stock Exchange IPO, increasing the size of the float after investors pumped more than $40bn of orders into the book.

An exciting rebound in the flow of China-into-US listings took an unexpected hit last week when online grocery start-up, Missfresh, plummeted on the first day of trading. While this is worrying, investors are still positive around these IPOs.

Chinese online grocer Dingdong (Cayman) has cut its US listing size to $94.4m, just over one-quarter of its initial target, after rival Missfresh plummeted in its Nasdaq debut last week.

Chinese online grocer Missfresh saw its share price sink on its trading debut, after it priced its Nasdaq IPO at the bottom of the marketed range.

Chinese ride-hailing firm Didi Chuxing has launched its New York Stock Exchange IPO, aiming to raise $4.03bn from the largest China-into-US listing since Alibaba Group Holding’s jumbo $25bn deal in 2014.

The dollar corporate bond market continued to show its resilience this week, but concerns are growing over a lack of supply in the run-up to the July 4 holiday weekend.

Wells Fargo hires Marriott from NatWest Markets — Créd Ag MD to join BNP Paribas SSA desk — SEB SSA DCM head off to New York — AFT hires funding official from Crédit Foncier — Citi promotes CEEMEA debt bankers — HSBC AM adds EM debt portfolio manager — EM seller heads from Credit Suisse to Barclays — Deutsche Bank hires head of US CLO syndication from JPM — Senior securitized product banker leaves Barclays — USSIM poaches BlackRock head of European ABS — Together treasurer departs for Pepper — Barclays poaches from JP Morgan for real estate IB push — Barclays hires from MS for head of Nordic banking

HSBC’s quest to gain market share in investment banking took another turn this week with the latest revamp of its corporate finance structure in the US, which took place against a backdrop of relocations and reshuffles around the world, writes David Rothnie.

Chinese technology companies are flocking back to the US for IPOs after months of poor market conditions and the regulatory crackdown on the sector brought deal flow to a near halt. There is more on the way too, as issuers look to wrap up deals before the summer slowdown. Jonathan Breen reports.

Dingdong (Cayman), a Chinese e-commerce company for fresh groceries, and its rival Missfresh are testing investor appetite at the same time for their US IPOs.

China’s Full Truck Alliance (FTA), billed as an Uber-style service for trucks, has raised $1.56bn from its New York IPO. A wave of global demand pushed final pricing to the top of the guidance, said a banker close to the deal.

Chinese online human resources service provider 51job has raised a $1.825bn term loan from two banks to support its take-private.