Michelin sells Hankook Tire stake at 12.1% discount

Robert Jahrling has been promoted from co-head of Equity Capital Markets (ECM) in Australia and New Zealand to run the whole team.

The move follows pledges by Chinese authorities to boost the stock market and improve investor sentiment as the domestic economy struggles.

The PCA Life Assurance sell-down is tightly priced but short-covering and a positive view on Taiwanese financial stocks get the deal across the line.

Sell-downs in Geely Automobile, CP All and Sunac raise a combined $562 million, while a fourth deal in Apollo Hospitals remains open this morning to allow local Indian investors a chance to participate.

The deal comes at a 3.7% discount and follows a bounce in the Korean automaker's share price amid hopes further work stoppages may be avoided.

The transaction ranks as the largest block trade in Asia ex-Japan this year and follows a smaller sell-down by Citi in June. Meanwhile, Dewan Housing issues $62 million of new shares in India's first QIP of size this year.