At least four block trades worth about $620 million (390 million pounds) enlivened Hong Kong's stock market on Tuesday, breathing life into moribund Asia equity capital markets (ECM) in what could be a busy month for similar deals.
Among the large deals, Japan's NEC offered its entire stake in computer maker Lenovo Group <0992.HK> and British insurer Prudential Plc put up for sale its holding in Taiwan insurer China Life Insurance Co Ltd <2823.TW>, IFR reported citing term sheets of the deals.
Hong Kong's ECM bankers have been starved of deals this year, with a slowing Chinese economy biting into IPO flows and secondary share sales. Stock offerings in Asia-Pacific are down by a third to $98.2 billion, according to Thomson Reuters data.
But September is historically a busy month for Asian markets as investors and bankers return from the summer break and investors are bracing for more block deals to hit the market.
American International Group Inc will be free to sell its entire $7.6 billion worth of AIA Group Ltd <1299.HK> from Wednesday. Sources told Reuters last week that the U.S. insurer is expected to offload its entire stake.
Prudential, Britain's largest insurer, is offering its stake in Taiwan-listed China Life Insurance in a deal worth about $160 million, while NEC's deal in Lenovo is worth about $235 million.
Two smaller deals also launched, included an up to $117 million sale of Brilliance China Automotive <1114.HK> stock and a nearly $110 million stake in AAC Technologies <2018.HK>.
Credit Suisse , HSBC Holdings Plc , JPMorgan and UBS AG were handling the deals, IFR added.
(Writing by Denny Thomas; Editing by Ryan Woo and David Holmes)