China

An exciting rebound in the flow of China-into-US listings took an unexpected hit last week when online grocery start-up, Missfresh, plummeted on the first day of trading. While this is worrying, investors are still positive around these IPOs.

SAIC-GMAC Automotive Finance Co is continuing its run of deals in China’s auto loan ABS market. It is now on its fourth outing of the year, with plans to price the Rmb10bn ($1.55bn) transaction on Thursday.

Kindstar Globalgene Technology and Dexin Services Group both rolled out their Hong Kong IPOs on Tuesday.

Chinese online grocer Dingdong (Cayman) has cut its US listing size to $94.4m, just over one-quarter of its initial target, after rival Missfresh plummeted in its Nasdaq debut last week.

Redco Properties Group made its offshore renminbi denominated sustainable bond debut on Monday, raising Rmb600m ($93m).

Logan Group Co used the last of its offshore debt issuance quota to price a $300m green bond on Monday.

Chinese local government financing vehicle Linyi City Construction Investment Group Co nabbed $300m from an offshore bond on Monday.

Aldesa Group, a Spanish construction and engineering firm acquired by state-owned China Railway Construction Corp last year, is tapping the Asian loan market for a €150m deal.

Chinese biotechnology company Keymed Biosciences has hit the market with an up to HK$3.1bn ($400.1m) IPO.

Chinese online grocer Missfresh saw its share price sink on its trading debut, after it priced its Nasdaq IPO at the bottom of the marketed range.

Zhongyuan Yuzi Investment Holding Group Co has become the first Chinese local government owned firm from Henan to price an offshore bond since the high-profile default of another issuer from the same province last November.

In this round-up, China’s industrial profit growth moderates in May, Geely Automobile Holdings will not pursue a planned listing on the Star market in Shanghai, and Beijing approves the first onshore perpetual bond from a policy lender.