Asia Pacific

The Shanghai Stock Exchange has clarified rules around red-chip companies listing on the Star board, shedding light on some areas that have previously confused bankers in China.

Marcus John, founder and chief executive of Sports Capital Advisors, tells GlobalCapital to expect a wave of insolvencies in national sport leagues but, he believes, sports with global appeal should fare better after lockdowns ease. Whether TV rights, a key source of revenue for major leagues, will be impacted remains unclear.

Cambodia’s Prasac Microfinance Institution has increased its latest offshore borrowing to $95m after attracting eight participants during syndication.

Hong Kong-listed oil company Hilong Holding pushed back the exchange deadline for its 2020 bonds again on Monday, leaving the issuer with a short window to get the deal wrapped up before the notes mature on June 22.

Hotelier Finance, a subsidiary of Hong Kong-based property company New World Development Co, is seeking consent to skip covenant tests until June next year as it deals with the impact of the Covid-19 pandemic on its business.

Burning Rock Biotech, a cancer detection and therapy company, has opened books for its up to $209.3m Nasdaq IPO following a hot week for Chinese listings in the US.

A number of new dollar bonds were announced in Asia on Monday, with issuers buoyed by the strong investor support last week in both the primary and secondary markets.

Chinese e-commerce company JD.com covered its Hong Kong secondary listing within a few hours of opening bookbuilding late last Friday evening, with orders continuing to pour in on Monday.

In this round-up, China releases a white paper detailing the country’s efforts in fighting the Covid-19 pandemic, trade surplus surges in May as imports plunge, and the Mainland’s foreign currency reserves are better than expected.

Reliance Industries raised Rp531.2bn ($7.04bn) this week from India’s largest ever rights issue and the company’s first primary equity offering for over 25 years.

Thailand’s PTT Exploration and Production Public Co (PTTEP) found strong support for its $500m seven year bond on Thursday, despite an aggressive price tightening during bookbuilding.

China Aircraft Leasing Group Holdings is navigating difficult conditions in the syndications market for a $46m new money loan, as lenders step back from the pandemic-hit aviation industry.