Upfront
OPINION INTERNATIONAL FINANCING REVIEW ASIAFilipino fashion
C
hina’s global ambitions for its onshore bond
market received two big boosts last week. While
CONlRMATIONûOFûINDEXûINCLUSIONûFROMûONEûOFûTHEû
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term.
Global investors are clearly getting over their fear of the
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OFFERINGSûFROMûTHEûPROPERTYûSECTORûHAVEûILLUSTRATED
4HEû0HILIPPINESûEXTENDEDûTHATûINTERESTûTOûTHEûONSHOREû
BONDûMARKETûLASTûWEEKûWITHûTHEûlRSTû0ANDAûBONDûSOLDû
mainly to offshore investors.
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THATûOVERSEASûINVESTORSûHAVEûOUTBIDû#HINESEûBUYERSûINûTHEIRû
HOMEûMARKET ûWHICHûSAYSûAûLOTûABOUTûTHEûGROWINGûAPPEALûOFû
onshore renminbi bonds.
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LIQUIDITYûSQUEEZE
4HATûCONTRASTûISûGOODûNEWSûFORû#HINA ûWHICHûISûLOOKINGûTOû
global investors to improve standards and price discovery in
its domestic debt markets.
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COMPILERSûOFûTHEûMASSIVEûBONDûINDEXûKNOWNûASûTHEû'LOBALû
!GGûSAIDûTHEYûWOULDûSTARTûPHASINGûINûRENMINBIûBONDSûNEXTû
April.
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COULDûADDûANOTHERû53BNAs more overseas investors open Chinese lines and
PREPAREûFORûTHEûREBALANCING û0ANDAûBONDSûFROMûINTERNATIONALû
credits are a logical place to start. The Philippines may have
JUSTûSTARTEDûAûTRENDRegulators reunited
A
nyone looking to get a long-term relationship back
ONûTRACKûMIGHTûWANTûTOûASKû(ONGû+ONGSûSECURITIESû
REGULATORûFORûADVICE
!FTERûAûROCKYûCOUPLEûOFûYEARS ûTHEûEXCHANGEûOPERATORû
ANDûTHEû3ECURITIESûû&UTURESû#OMMISSIONûWEREûAûSPECTACLEû
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SUMMITûLASTû4HURSDAYû%ACHûDOLEDûOUTûPRAISEûTOûTHEûOTHERû
WHENûDETAILINGûHOWûTHEYûHADûMANAGEDûTOûTHRASHûOUTûANû
AGREEMENTûTOûACCOMMODATEûPRE
REVENUEûANDûPRE
PROlTû
biotech listings.
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the two have rarely seen eye-to-eye in the past on the topic
of listing reform.
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TOûTHEûCITYSûREPUTATIONûASûAûLISTINGûVENUE
4HISûTIMEûAROUND ûTHEû3&#ûISûlRMLYûONûBOARDûWITHûTHEû
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MUCHûMOREûnûINûANûOVERHAULûOFûTHEûLISTINGûREGIMEûDESIGNEDû
to make Hong Kong more competitive.
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nûNOTûTOûMENTIONûTHEûGOVERNMENTûANDûBUSINESSûCOMMUNITYû
nûTHEûPROPOSALSûAREûCERTAINûTOûBEûADOPTEDûINûSOMEûFORM
This is a welcome reconciliation. Hong Kong sorely needs
TOûCULTIVATEûMOREûLISTINGSûFROMûTHEûNEWûECONOMY ûATûAûTIMEû
when global competition is set to intensify.
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with different methods to attract more listings from
the high-growth sectors. And if China allows overseas
companies to sell shares in its domestic market then Hong
Kong’s competitive edge will take a big knock.
(ONGû+ONGSûREUNITEDûREGULATORSûHOPEûTHATûTHEûNEWûRULESû
WILLûHELPûTHEûCITYûMARRYûPRIVATEûCAPITALûWITHûFAST
GROWING û
INNOVATIVEûCOMPANIESû4HEYûWOULDûDOûWELLûTOûACTûFASTûOTHERû
matchmakers are waiting in the wings.4HISûISûTHEûlRSTûTIMEûTHATûOVERSEASû
INVESTORSûHAVEûOUTBIDû#HINESEû
BUYERSûINûTHEIRûHOMEûMARKET