US President Donald Trump’s punitive tariffs to be imposed on the world have nearly sent global equities into apocalyptic fears since the scheme’s disclosure.

National leaders, economists, and market strategists have been scrambling to calculate the impact of Washington’s taxing tariff rates.

Stoked volatility took a heavy toll on the region’s equity capital market activity last week when corporates raised a mere USD 651m collectively from the market, the worst weekly number since early-February’s USD 366m, based on preliminary Dealogic data.

Shortly before noon on Monday, the Hang Seng Index evaporated 10.4% at 20485, the lowest intraday level since early February. The region’s MSCI Asia Pacific Index dropped 7.4%.

Across asset classes, bankers and issuers are rethinking the timeline/valuation/deal size of the transactions in the pipeline.

A host of deals have been thrown into limbo.

Among them, China Ruyi, a Chinese video streaming service, that this news service reported in March to have kicked off an up to USD 400m convertible note sale, has to discuss with its banks on the deal pretty much day to day this week whether or when to launch the deal, according to a market participant. The stock plunged nearly 12% by 2:13 pm Hong Kong Time. The company’s investor-relations official could not be reached by phone and did not immediately respond to an email requesting comment.

Luxshare Precision Industry, which supplies connector components used in AirPods, may have to push back its Hong Kong secondary listing from April as initially targeted.

Among other casualties, Shanghai-listed Beijing Roborock Technology, which makes household appliances, and Will Semiconductor, which is also listed in Shanghai, may have to push back the kick-off meetings for their respective secondary listings originally slated for this week.

Bucking conservative sentiment, Chinese biotech firm Duality Biotherapeutics opened the books on Monday (7 April) for an up to USD 265m Hong Kong listing.

“The company is bold,” said an investor.

According to terms seen by this news service, 11 investors have committed themselves to USD 65m in the deal, which would be almost 30% of the pre-shoe offering, assuming the offering size adjustment option is fully exercised at the midpoint of the range.

Please find below the top headlines from the past week.

Top ECM Headlines

• Carro listing bolsters burgeoning APAC IPO pipeline | ION Analytics | Mergermarket
• CATL sets sights at tight A-H discounts for up to USD 6bn Hong Kong listing | ION Analytics | Mergermarket
• KKR-backed Infinx Healthcare in talks with advisors for India listing | ION Analytics | Mergermarket
• LG Electronics India in talks to secure anchor investors, targets April for RHP filing | ION Analytics | Mergermarket
• Morsl could explore trade sale or IPO in three years – CEO | ION Analytics | Mergermarket
• SEDEMAC mandates advisors for INR 10bn IPO | ION Analytics | Mergermarket
• Suzhou Ribo Life Sciences hires CICC for Hong Kong IPO at USD 2bn valuation | ION Analytics | Mergermarket
• Tokyo Metro modest selldown likely after solid post-IPO gains – APAC Lock-up Expiry Pipeline | ION Analytics | Mergermarket
• InTripe hotpot chain Banu hires CMB International for Hong Kong IPO | ION Analytics | Mergermarket

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