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Wednesday, 20 March 2019

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Up Fintech raises US$104m from Nasdaq IPO

Up Fintech raises US$104m from Nasdaq IPO

20 March 2019

Chinese online stockbroker Up Fintech has raised US$104m from a Nasdaq IPO after pricing the shares above an indicative range, at US$8.00 each.

Dongzheng Auto Finance confirms plan to re-launch smaller IPO

Dongzheng Auto Finance confirms plan to re-launch smaller IPO

20 March 2019

Shanghai Dongzheng Automotive Finance has confirmed in an announcement it plans to re-launch a smaller IPO next week.

Warburg Pincus launches D1.8trn block in Vincom Retail

Warburg Pincus launches D1.8trn block in Vincom Retail

19 March 2019 By S Anuradha

Warburg Pincus is selling 49.6m shares in Vincom Retail to raise D1.7trn–D1.8trn (US$75m–$78m). Shares are being offered through an accelerated bookbuild in a D35,100–D36,550 range, according to a term sheet.

MOVES-RBC hires head of equities sales and trading for Australia

MOVES-RBC hires head of equities sales and trading for Australia

19 March 2019

RBC Capital Markets has poached Karen Jorritsma from Citigroup to run its equities sales and trading business in Australia.

Dongzheng Auto Finance plans to cut size of HK IPO

Dongzheng Auto Finance plans to cut size of HK IPO

19 March 2019

Shanghai Dongzheng Automotive Finance is planning to cut the size of its Hong Kong IPO after the original deal failed to generate enough demand, according to people close to the deal.

Shenwan Hongyuan secures CSRC approval for HK IPO

Shenwan Hongyuan secures CSRC approval for HK IPO

19 March 2019

Shenwan Hongyuan Group, a Shenzhen-listed Chinese brokerage, said it has been approved by the China Securities Regulatory Commission to launch an IPO in Hong Kong.

Aarti Industries raises Rs7.5bn from upsized share sale

Aarti Industries raises Rs7.5bn from upsized share sale

19 March 2019 By S Anuradha

Aarti Industries has raised Rs7.5bn (US$109m) from an upsized qualified institutional placement of primary shares priced at Rs1,397, according to people with knowledge of the transaction.

Castlelake flies in for AirAsia portfolio acquisition loan

Castlelake flies in for AirAsia portfolio acquisition loan

19 March 2019 By Prakash Chakravarti

US alternative investment firm Castlelake is tapping Asian lenders for a US$685.1m non-recourse aircraft financing to fund the purchase of aircraft from Malaysia’s flagship budget airline AirAsia.

MAP Active to start pre-marketing IPO of up to US$400m this week

MAP Active to start pre-marketing IPO of up to US$400m this week

19 March 2019 By S Anuradha

MAP Aktif Adiperkasa (MAP Active), an Indonesian sports goods retailer backed by CVC Capital Partners, plans to start pre-marketing for a US$200m–$400m IPO this week, people with knowledge of the transaction have said.

Two brokers are seen at the Shanghai Stock Exchange in Lujiazui Financial Area in Shanghai.

More companies set to join Shanghai tech board

19 March 2019

Three more Chinese companies have joined the queue to list on the Shanghai tech board aimed at high-tech and strategically emerging sectors.

All Latest news

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Top Stories from this week's IFR Asia magazine

Released online
Friday 1600 Hong Kong / Friday 0900 London

Out of control

IFR Asia 1081 - March 16, 2019

In a world where banks have been beaten down by fines regularly running into the billions of dollars or euros, it is tempting to write off Hong Kong’s US$100m of penalties against four IPO underwriters as small-fry. The message they send, however, is significant.

The REIT recipe

IFR Asia 1081 - March 16, 2019

Real estate owners are having a tough time in the capital markets, but the REIT product still has a lot to offer for those who can get it right.

Setback for nascent REIT markets

Setback for nascent REIT markets

IFR Asia 1081 - March 16, 2019

Efforts to expand the market for real estate investment trusts across Asia suffered a setback last week as South Korea’s biggest listing of its kind fell through and India’s first deal launched with a smaller target than expected.

Take two for Healthscope buyout loan

Take two for Healthscope buyout loan

IFR Asia 1081 - March 16, 2019

Australian hospital operator Healthscope is back in the leveraged finance market with a A$2.15bn (US$1.52bn) loan backing its second take-private buyout in less than a decade.

Lippo Karawaci bids to rebuild

Lippo Karawaci bids to rebuild

IFR Asia 1081 - March 16, 2019

Beleaguered Indonesian property company Lippo Karawaci is looking to put its recent problems behind it with a combination of equity raising and asset sales to cut debt.

Crowding out crushes India bonds

Crowding out crushes India bonds

IFR Asia 1081 - March 16, 2019

Massive supply of state-backed bonds supporting off-balance-sheet government expenditure ahead of India’s elections is threatening to crowd out private-sector borrowers, counterbalancing a recent cut in official interest rates.

UOB makes Singapore Panda debut

UOB makes Singapore Panda debut

IFR Asia 1081 - March 16, 2019

United Overseas Bank ended a long wait for Singapore’s first Panda bond last week, raising Rmb2bn (US$298.2m) from a three-year offering that was mostly sold to international investors.

China Orient repeats bond frenzy

China Orient repeats bond frenzy

IFR Asia 1081 - March 16, 2019

China Orient Asset Management (International) Holding (COAMI) drew a massive order book of around US$18.3bn for its US$700m dual-tranche bond offering last week, replicating the investor frenzy that its peer China Cinda Asset Management stirred up last month for a US$1bn deal.

Flying start for Kiwi agency

Flying start for Kiwi agency

IFR Asia 1081 - March 16, 2019

The New Zealand Local Government Funding Agency set a domestic record last week with its first syndicated bond sale, raising NZ$1bn (US$680m) from an enlarged five-year offering.

Dexus sounds alarm with repriced EB

Dexus sounds alarm with repriced EB

IFR Asia 1081 - March 16, 2019

ASX-listed real estate investment trust Dexus raised A$425m (US$300m) from a seven-year put five exchangeable bond last week, but had to reoffer the deal below par to address investor concerns over the pricing.

Guorui overcomes refi challenge

Guorui overcomes refi challenge

IFR Asia 1081 - March 16, 2019

Guorui Properties ended uncertainty over its ability to meet a looming bond repayment last week with a reopening of a high-yield bond sold less than three weeks earlier.

Dai-ichi Life sells first yen perp

Dai-ichi Life sells first yen perp

IFR Asia 1081 - March 16, 2019

Dai-ichi Life Holdings priced Japan’s first domestic public offering of perpetual subordinated bonds from an insurance company last Wednesday, drawing strong demand from regional Japanese investors as it benefited from name recognition and a 1%-plus yield.

SFC bans UBS from sponsoring IPOs

SFC bans UBS from sponsoring IPOs

IFR Asia 1081 - March 16, 2019

Hong Kong’s securities regulator has suspended UBS from sponsoring IPOs for one year and fined it and three other banks a total of HK$786.7m (US$100m), in an unprecedented step by the city’s chief watchdog to clamp down on sub-standard sponsorship work.

Fed bans Goldman bankers for role in 1MDB

Fed bans Goldman bankers for role in 1MDB

IFR Asia 1081 - March 16, 2019

The US Federal Reserve banned former Goldman Sachs bankers Tim Leissner and Ng Chong Hwa, also known as Roger Ng, from any involvement in the banking industry for their role in the theft of billions of dollars from the Malaysian sovereign wealth fund.

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SFC bans UBS from sponsoring IPOs

SFC bans UBS from sponsoring IPOs

IFR Asia 1081 - March 16, 2019

Hong Kong’s securities regulator has suspended UBS from sponsoring IPOs for one year and fined it and three other banks a total of HK$786.7m (US$100m), in an unprecedented step by the city’s chief watchdog to clamp down on sub-standard sponsorship work.

Fed bans Goldman bankers for role in 1MDB

Fed bans Goldman bankers for role in 1MDB

IFR Asia 1081 - March 16, 2019

The US Federal Reserve banned former Goldman Sachs bankers Tim Leissner and Ng Chong Hwa, also known as Roger Ng, from any involvement in the banking industry for their role in the theft of billions of dollars from the Malaysian sovereign wealth fund.

Digital Edition

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A worker prepares for the IMF/World Bank meetings in Bali, Indonesia, October 2018.

IFR Asia IMF/World Bank 2018 Roundtable: Building resilience

Delegates at the IMF’s annual meetings in Bali got an uncomfortable reminder of Asia’s vulnerability to unforeseen shocks with an earthquake in the small hours of October 11. The financial markets have been doing their part, too.

More Special Reports

IFR Asia RMB Bonds Roundtable 2018
Onshore renminbi bonds are poised to become the next big thing in the global capital markets, as international investors brace for index inclusion and issuers embrace the Panda bond market as an alternative source of funding. While China has rolled out the red carpet, however, international participants appear to be holding back.

IFR Asia Belt & Road Financing Roundtable 2018
Almost five years since Chinese President Xi Jinping outlined his vision for a massive infrastructure programme to strengthen China’s trading connections, the Belt and Road initiative is beginning to make its presence felt in Asia’s financing markets.

IFR Asia Green Financing Roundtable 2018
When Green finance first hit the market, there were high hopes that issuers raising funds in such a way would benefit from improved pricing, given the increased transparency and forecast growth in demand from investors.

IFR Asia India debt capital markets Roundtable 2018
IFR’s latest India seminar took place in Mumbai during a timely break in the summer monsoon rains. Over two sessions, delegates debated the outlook for Indian fixed income and the potential for Green finance, tapping into two of the hottest topics in the country’s capital markets.

IFR Asia Asian Development Bank Roundtable 2018
The Philippines, the host of this year’s Asian Development Bank annual meetings, provided an ideal backdrop for a forthright debate on the role of the capital markets in funding Asian infrastructure projects.