China

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.

Crédit Agricole has hired a senior China economist from Bank of America to head up its research team for Asia ex-Japan.

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.

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.

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.

Chinese local government financing vehicle Hangzhou Shangcheng District Urban Construction & Comprehensive Development Co raised $200m from a three year bond on Thursday.

Mainland-based Xinte Energy Co raised HK$1.03bn ($132m) on Wednesday by selling a block of new H-shares, its debut equity issue.

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.

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.

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.

CDB Aviation, an Ireland-based subsidiary of China Development Bank Financial Leasing Co, has raised a $660m portfolio financing from banks.

Two Chinese local government financing vehicles courted offshore investors on Wednesday to raise a combined $450m.