China International Capital Corp

Guangzhou Rural Commercial Bank Co is seeking regulatory approval for a $2bn IPO, having filed a draft prospectus with the Hong Kong Stock Exchange (HKEX) on Wednesday.

The Hong Kong IPO market has started 2017 with some action as two Chinese issuers unveiled fundraising plans to seek a combined HK$4.2bn ($533.8m).

China Grand Automotive Services raised an additional $100m last Friday from a tap of its perpetual non call three notes, to repay debt and for general corporate purposes.

Xuzhou Hi-Tech Industrial Development Zone State Asset Management Co raised $200m in its inaugural offshore deal, paying up more than expected to appease investors.

Changde Urban Construction and Investment Group Co priced its inaugural international bond on Thursday, getting its deal done before the New Year. The local government financing vehicle (LGFV) snapped up $250m from the three year notes.

China Railway Construction Corp (CRCC) has sold its second convertible bond of 2016, this time a renminbi-denominated, dollar-settled trade linked to the offshore RMB spot price. Chinese issuers are warming to the structure amid concerns about RMB depreciation, as investors bear the currency risks. John Loh reports.

Three Chinese corporates took centre stage on Thursday with their respective dollar bond offerings. So far this week, borrowers from the country are the only ones to tap the Asia ex-Japan debt market.

Shanghai Dazhong Public Utilities Group Co priced its Hong Kong IPO below the midpoint of expectations on Tuesday, fetching HK$1.72bn ($222.27m).

Hon Hai-owned Foxconn Interconnect Technology, also known as FIT Hon Teng, has put its IPO plans on hold until next year after getting poor feedback from investors.

Shanghai Dazhong Public Utilities Group Co has launched bookbuilding for its Hong Kong IPO that could raise HK$2.0bn ($257.9m).

Studio City, Shandong Ruyi Technology Group Co, Yanlord Land (HK) and Chengdu Xingcheng Investment Group Co are wooing investors for their respective Reg S bonds. Meanwhile, Shaanxi Xixian New Area Fengxi New City Development & Construction will go on a non-deal roadshow.

Asia’s equity capital markets recovered quickly in the wake of Donald Trump winning the White House, with most of the indices regaining their losses in Thursday’s trading. Primary issuance also took off, with some keen issuers pulling the trigger on their IPOs. Jonathan Breen reports.