The US giant will pay the money upfront for distribution rights for SSGJ-707 outside of China; the deal could be worth up to $4.8bn and Pfizer will also invest $100m into the HKEX listed firm.

The issuance from the Hong Kong conglomerate, formerly known as NWS Holdings, was to finance the redemption of its outstanding offshore capital securities by its subsidiary.

The Hong Kong-headquartered Asian life insurer, backed by billionaire Richard Li, has made several similar filings in recent years without triggering an IPO.

Exports grew 15% in Q1, however there is expected to be a slowdown moving forward as tariffs bite, the baht remains strong and tourism faces headwinds.

Minority owner Partners Group said the IPO proceeds will be used to further grow the Hangzhou-headquartered restaurant's 493 outlets and establish a centralised food processing facility; Clifford Chance, Citi and CMB International Capital were involved in the deal.

China and the US will start high level trade talks on May 9 in Switzerland.

ASIC is asking for an independent expert to review a remediation plan for the trade reporting functions of Macquarie's futures dealing and OTC derivatives; ASIC commissioner Simone Constant said that the action "underscores" the regulator's concerns with the "recurrent" nature of Macquarie's failures.

The agreement, which will reduce tariffs across billions of dollars of goods, comes after three years of talks.

The joint venture Al-Futtaim Willis has been in operation for five decades and is based in Dubai and Bahrain; after securing a reinsurance broking license in Saudi Arabia, WTW is continuing its expansion in the region.

The Swedish firm has said that it is no longer providing financial guidance for 2025 and 2026, with job losses expected across its global workforce.