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HONG KONG: Chery IPO Worth Monitoring for Impacts on HIBOR and HKD Liquidity

HONG KONG
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Chinese automaker Chery is reportedly considering a Hong Kong IPO for it's $7bln autos unit, according to Bloomberg

  • Worth monitoring the progress of an IPO of this size on HKD liquidity conditions and forward points - a building HK IPO pipeline can lead to higher overnight rates in Hong Kong as liquidity contracts, which has historically worked in favour of a more sizeable forward point discount (HKD 12m forward discount has shrunk to 315 points from ~500 points in mid-September).
  • More details on the IPO will be carefully watched given it's size - $7.2bln has been raised in Hong Kong so far this year, so a sizeable Chery sale will be add considerably to this figure.
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Chinese automaker Chery is reportedly considering a Hong Kong IPO for it's $7bln autos unit, according to Bloomberg

  • Worth monitoring the progress of an IPO of this size on HKD liquidity conditions and forward points - a building HK IPO pipeline can lead to higher overnight rates in Hong Kong as liquidity contracts, which has historically worked in favour of a more sizeable forward point discount (HKD 12m forward discount has shrunk to 315 points from ~500 points in mid-September).
  • More details on the IPO will be carefully watched given it's size - $7.2bln has been raised in Hong Kong so far this year, so a sizeable Chery sale will be add considerably to this figure.