News Snapshot:
PNB plans massive fundraising through risky AT-1 bonds, QIPs, among other options by year end Ant’s decision to list on the Star board, a market launched in Shanghai last year, was seen as a major win for mainland exchanges. The IPO had sparked a frenzy among individual investors, with about $2.8 trillion worth of subscriptions for the Shanghai leg alone. In the preliminary price consultation of its Shanghai IPO, institutional investors subscribed for over 76 billion shares, more than 284 times the initial offering tranche. Ant has faced scrutiny in Chinese state media in recent days after Ma criticized local...