China

Chinese state-owned enterprise Zhejiang Provincial Energy Group Co has returned to the offshore market for the first time in nearly seven years to print a $500m bond.

Three real estate developers from Greater China raised additional funding from the dollar bond market through opportunistic trades on Tuesday, taking some comfort from the Chinese central bank’s recent move to boost renminbi liquidity.

The liquidity crisis at Chinese real estate issuer Sichuan Languang Development Co went up a notch this week, after it failed to repay Rmb900m ($139m) of domestic bonds.

Hong Kong-based financial leasing company Far East Horizon raised Rmb500m ($77m) from a two year Panda bond in the domestic Chinese market at the end of last week.

In this round-up, China’s central bank will cut the reserve requirement ratio for banks by 50bp, Beijing further tightens its grip on overseas IPOs of technology companies, and the top antitrust watchdog blocks Tencent Holdings’ plan to merge two of the country’s largest videogame streamers.

Credit Suisse has named veteran investment banker Janice Hu as its new chief executive for China.

Bonds issued by the Chinese government and policy lenders saw a strong rally on Thursday after the State Council signalled a cut in banks’ reserve requirement ratio (RRR), a move that could unleash hundreds of billions in renminbi liquidity into the market.

Chint Solar, a Chinese photovoltaic module supplier, is making its debut in the offshore market for a dual currency green loan.

Property developer Beijing Capital Development Holding (Group) Co, which is also known as Shoukai Group, was back in the dollar bond market on Thursday after a nearly five year hiatus.

Shanghai Pharmaceuticals Holding Co has managed to slice the margin and fees on a $500m comeback to the loan market.

Sichuan Languang Development Co’s onshore bonds took a beating this week after its domestic rating was downgraded by three Chinese credit rating agencies, with the clock ticking for the repayment of Rmb2.7bn ($417.5m) of maturing and puttable bonds later this month. Addison Gong reports.

LinkDoc Technology, a cancer-focused medical data company, has shelved its US IPO just hours before pricing, as Chinese technology stocks recoil from Beijing’s clampdown on overseas listings.