China
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Chinese property bond issuers continue to remain under pressure amid waning investor sentiment and underperformance of deals in the secondary market. While some companies are attempting to claw their way back, the sector still faces some big challenges. -
Online music platform Cloud Village has delayed its IPO after a week of pre-marketing, according to a source familiar with the matter.
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In this round-up, China’s foreign exchange reserves reach the highest level in five years, JP Morgan receives approval to fully own an onshore securities company, and Beijing launches a review of Blackstone’s $3.05bn take-private of Soho China.
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Crédit Agricole has hired a senior China economist from Bank of America to head up its research team for Asia ex-Japan.
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China Telecom Corp has priced its Rmb47.11bn ($7.3bn) A-share listing, a deal that is smaller than expected but will still set a global record for 2021.
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China’s securitization market was bustling with deals this week. Toyota Motor Finance (China) Co followed Beijing Hyundai Auto Finance Co to launch a Rmb5bn ($774m) auto loan ABS deal, with two more transactions also in the works.
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Gemdale Corp reopened the bond market for high yield Chinese property companies on Thursday with a $480m green deal that landed at fairly 'aggressive' levels.
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Chinese local government financing vehicle Hangzhou Shangcheng District Urban Construction & Comprehensive Development Co raised $200m from a three year bond on Thursday.
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Mainland-based Xinte Energy Co raised HK$1.03bn ($132m) on Wednesday by selling a block of new H-shares, its debut equity issue.
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China’s regional lenders have been busy tapping both the onshore equity and debt markets for capital this year, but a slew of recent rating downgrades serve as a warning that the pressure facing the country’s small lenders remains high. Addison Gong reports.
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Hyundai Capital Services sold a three year bond denominated in offshore renminbi this week, raising Rmb700m ($108m) at an attractive level versus its existing dollar funding.
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US-listed hybrid electric vehicle maker Li Auto launched a billion-dollar listing in Hong Kong this week, providing a much-needed boost for the bourse after a spate of announcements from China’s regulators brought deal flow to a near halt. Jonathan Breen reports.
