Haitong Securities

Chengdu Expressway Co’s HK$880m ($112.3m) IPO has marked the start of a quiet week for the Hong Kong equity capital markets.

China Aoyuan Group stayed a step ahead of its property peers by raising a comfortable $275m from a tap of its 2021 notes on Thursday, one of two dollar bonds to be priced in Asia so far in the new year.

The Hang Seng Index’s appalling start to the new year has made ECM bankers and investors ultra-cautious about the market, and most participants are taking a wait-and-see approach. Christie Ou reports.

Several Chinese borrowers ventured into the bond market at the end of December, locking up last-minute deals that were mainly supported by anchor orders.

Considerably cheap valuations have made Weimob, a Tencent Holdings-backed company that is on the road with its Hong Kong IPO, an attractive proposition for equity investors, according to a source close to the listing.

CIMC Vehicles Co is eyeing $500m from a Hong Kong IPO, with plans to launch the listing by the end of the first quarter, according to a source close to the deal.

Chinese property companies are pushing their fund-raising for 2018 to the bitter end – with sometimes surprising results. Cifi Holdings scored with a larger-than-expected $400m bond on Monday, while Redsun Properties Group sold a $200m tap.

Fantasia Holdings Group Co locked up a final dollar deal of the year on Thursday, but paid a generous 15% yield to secure anchor orders for the transaction.

Chinese telecommunication software provider AsiaInfo Technologies raised HK$900m ($115m) this week after pricing its flotation at the bottom of the indicative range.

Chinese construction materials provider Pujiang International Group is seeking the greenlight for an IPO in Hong Kong.

Shimao Property Holdings managed to raise a sizeable $570m from its bond return on Monday, using up the last of its annual fundraising quota. But to get to the chunky size at this time of the year, the Chinese company had to offer investors a generous premium.

Ever Sunshine Lifestyle Services Group has pocketed HK$638.4m ($81.7m) after pricing its IPO below the mid-point of guidance, according to a source close to the deal.