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Fiona Lau

Deutsche shutters equity underwriting in Asia Pacific

Jul 08 2019

HONG KONG, July 8 (IFR) - Deutsche Bank is to pull out of equity underwriting in Asia Pacific as part of the German lender’s plan to axe 18,000 jobs globally. The cuts to the equity capital markets division started today and affected the entire ECM teams in Japan and Australia, according to people with knowledge of the matter. Jason Cox, Deutsche's Asia Pacific head of equity capital markets, is leaving the bank. Some origination and syndicate bankers in Hong Kong and Singapore will be staying for a while to execute deals in the pipeline before leaving. Those deals include the US$9.8bn Hong Kong IPO of Budweiser Brewing Company APAC and the US$1bn-plus Hong Kong IPO of Logistics property developer ESR Cayman. The Chinese listings in the US, such as Wanda Sports Group, are expected to be handled by the US-based teams, said the people. One source said the decision to shut down the global equities business made ECM underwriting impossible, flagging the potential for further cuts in the future. Deutsche said on Sunday it will exit its equities sales and trading business globally but retain a "focused equity capital markets operation", as part of what chief executive Christian Sewing has termed a "fundamental transformation" of the bank. So far this year, Deutsche Bank ranks 12th for equity and equity-linked underwriting in Asia Pacific, excluding Chinese A-shares and the Japanese and Australasian markets. It arranged a US$750m convertible bond for Chinese electric vehicle maker Nio and the US$687m IPO of Embassy Office Parks REIT, India's first real estate investment trust. The bank also won a senior role in the ongoing Budweiser IPO, the world’s largest listing this year, as one of four joint global coordinators, and is is one of two sponsors on ESR’s float. “The ECM business has been improving a lot in Asia these past few years. It’s a really bad decision for the teams here,” said one of the people. A spokesperson for Deutsche in Hong Kong declined to comment. (Reporting by Fiona Lau; Editing by Steve Garton)

Tencent-backed Meituan raises $4.2 billion in IPO priced near range top-sources

Sep 13 2018

HONG KONG (Reuters/IFR) - Chinese online food delivery-to-ticketing services firm Meituan Dianping raised $4.2 billion in the world's biggest internet-focused IPO in four years as it priced the float near the top end of a marketed range, people close to the deal said.

China's Meituan Dianping sets HK IPO valuation at up to $55 billion: sources

Sep 01 2018

SINGAPORE/HONG KONG (Reuters/IFR) - China's Meituan Dianping, an online food delivery-to-ticketing services platform, has set an indicative price range of HK$60 to HK$72 ($7.64-$9.17) per share for its initial public offering (IPO) in Hong Kong, valuing itself at up to $55 billion, four people with direct knowledge of the matter said.

U.S.-listed Chinese biotech Zai Lab plans Hong Kong float: sources

Aug 22 2018

HONG KONG (Reuters/IFR) - Zai Lab Ltd is planning a Hong Kong float after its Nasdaq debut last year, in what would be the second U.S.-listed Chinese biotech firm to return to the city following an implementation of new listing rules, sources said.

China's Tianqi Lithium files for $1 billion Hong Kong listing: sources

Aug 20 2018

HONG KONG (Reuters/IFR) - China's Tianqi Lithium Corp is looking to raise up to $1 billion in its Hong Kong stock market flotation, despite this year's fall in lithium prices, two people close to the deal told Reuters.

Alibaba-backed online parenting firm Babytree eyeing up to $1 billion HK IPO: sources

Aug 16 2018

HONG KONG (Reuters/IFR) - China's leading online parenting firm Babytree Group, backed by e-commerce giant Alibaba Group , plans to raise up to $1 billion in a Hong Kong initial public offering (IPO) in October, people close to the transaction told Reuters.

Chinese biotech BeiGene raises $903 million in HK's first secondary listing under new rules: sources

Aug 02 2018

HONG KONG (Reuters/IFR) - Chinese Nasdaq-listed biotech BeiGene Ltd has raised $903 million after pricing its secondary listing in Hong Kong - the first under new exchange rules - near the top of an indicative range, three people close to the deal said on Thursday.

Chinese biotech BeiGene raises $903 mln in HK's first secondary listing under new rules -sources

Aug 02 2018

HONG KONG, Aug 2 (Reuters/IFR) - Chinese Nasdaq-listed biotech BeiGene Ltd has raised $903 million after pricing its secondary listing in Hong Kong - the first under new exchange rules - near the top of an indicative range, three people close to the deal said on Thursday.

China Tower raises $6.9 billion in world's largest IPO in two years: sources

Aug 01 2018

HONG KONG (Reuters/IFR) - China Tower Corp Ltd has raised $6.9 billion after pricing its initial public offering (IPO) at the bottom of an indicative range, four people close to the deal said on Wednesday, in the world's biggest listing in two years.

World News

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