China Merchants Bank Co

China’s recent measures to curb local government debt by restricting new offshore issuance from their financing vehicles led to one of the busiest weeks for the sector, as companies raced to beat the June 30 deadline when their regulatory quotas expire, writes Addison Gong.

China’s Jinxin Fertility Group has raised HK$2.99bn ($381.9m) from its Hong Kong listing after riding a wave of investor demand for healthcare stocks.

China’s Ascentage Pharma Group International and CIMC Vehicles kicked off pre-marketing for their respective Hong Kong IPOs on Monday. Both are expected to launch bookbuilding by the end of June.

As the crisis at Baoshang Bank and Bank of Jinzhou continues to brew, Hong Kong-listed Guangzhou Rural Commercial Bank priced a $1.43bn Basel III-compliant additional tier one (AT1) note at a level that was well inside where similarly rated small Chinese lenders were trading in the secondary market.

China’s Zhenro Properties Group wrapped up its first attempt at issuing perpetual bonds offshore this week, selling the note with a senior-to-perp differential that was tighter than some of its higher rated peers.

China Merchants Bank priced three year bonds on Wednesday that were split between a $600m floating rate note (FRN) and a €300m fixed rate tranche.

China East Education Holdings pulled off the largest education IPO in history this week, despite the mainland education sector suffering under state constraints. The company operates in a niche free of the heavy-handed regulator, which helped it draw a flood of interest to its HK$4.9bn ($625m) offering. Jonathan Breen reports.

China’s Hansoh Pharmaceutical Group has priced its HK$7.9bn ($1bn) Hong Kong Stock Exchange offering.

Chinese securities houses and banks have suffered a rough two weeks that have hit their funding conditions. A lawsuit from China Merchants Bank (CMB) against Everbright Capital has brought even more worry to a market still recovering from the panic caused by Baoshang Bank’s takeover.

China East Education Holdings has launched bookbuilding for its potential HK$5.3bn ($681m) IPO.

Hansoh Pharmaceutical Group kicked off the roadshow for its Hong Kong listing this week, with up to HK$7.9bn ($1bn) of proceeds in its sights. The deal got off to a strong start with the help of a cornerstone group that included Singapore’s sovereign wealth fund, as well as an early turnout from international institutions. Jonathan Breen reports.

CSSC Shipping has commenced bookbuilding for its IPO on the Hong Kong Stock Exchange.