Asia Pacific

Zhongsheng Group Holdings has raised HK$3.9bn ($500m) from a 2023 convertible bond. It plans to use the proceeds to buy back its debut CB, executing a deal with a rare structure, according to a source close to the transaction.

The underperformance of China Aoyuan Property Group’s bond on Thursday cast a shadow over new issues from Yuzhou Properties Co and Fantasia Holdings Group Co, with pretty muted responses for both deals.

The People’s Bank of China publishes new rules governing the RMB qualified domestic institutional investor scheme, China and Nigeria ink a swap line, and the State Administration of Foreign Exchange pledges further reforms.

UBS and two others announce China JV plans, the domestic iron ore futures contract opens to foreign traders, and Shanghai and Shenzhen get approval for their Dhaka exchange acquisition plans.

The Shanghai and Shenzhen stock exchanges have won a bid to buy a 25% stake in Bangladesh’s Dhaka Stock Exchange, according to a joint statement from the Chinese acquirers.

G R Infraprojects is eyeing an IPO in India that will raise Rp5bn ($75m) in primary proceeds as well as allow existing shareholders to cash out.

China Kepei Education Group has filed a listing application in Hong Kong through sponsors Citi and CCB International.

Indonesian financial services company MNC Investama raised $231m from an exchange and new money offering on Thursday, but the market backdrop and aggressive pricing made it difficult for the firm to add much to the new money portion.

China’s regulators are planning to push ahead with a long-awaited delivery versus payments upgrade for Bond Connect as early as next month, GlobalRMB understands. The move addresses one of the major headaches for foreign investors using the scheme to buy onshore renminbi bonds.

Hyosung Vina Chemicals, which launched a $1bn loan last month for capital expenditure related to chemical plants in Vietnam, has cancelled the fundraising. Its new Vietnamese unit is still pending the government’s approval for incorporation, according to a South Korea-based banker close to the deal.

National governments must ensure the sustainability of infrastructure financing before signing up to projects under the Belt and Road Initiative (BRI), Takehiko Nakao, president of the Asian Development Bank, told GlobalRMB at the development bank’s annual conference on Thursday.

Sarimelati Kencana, the Indonesian Pizza Hut owner, sold shares at the low end of its IPO guidance range amid adverse market conditions, raising Rph1tr ($73.5m) on Thursday.