China

Country Garden Services Holdings rode on strong institutional investor demand to raise $2bn from a combined equity placement and convertible bond issue this week.

Three Chinese borrowers and one Hong Kong issuer hit the international bond market on Monday, getting ahead of a pick-up in deal flow expected in the rest of the week.

In this round-up, Chinese president Xi Jinping has promised $3bn in additional support to developing countries fighting the pandemic, the State Council explicitly bans bitcoin mining and trading as part of an intense crackdown on cryptocurrencies, and Liaoning province is set to welcome a new city commercial bank.

Two Chinese local government financing vehicles (LGFVs) raised a combined $480m on Thursday, following a quiet start to the week due to a public holiday.

The ABS frenzy in China’s domestic market continued unabated this week, with three more originators launching their transactions. This included BYD Auto Finance Co, which made its internationally rated debut.

Angel Pond Holdings Corp, a special purpose acquisition company backed by Alibaba co-founder Simon Xie, has raised $250m from a New York Stock Exchange IPO.

Viva China Holdings raised HK$3.8bn ($491.4m) by offloading a block of shares in Chinese sportswear manufacturer Li Ning Co this week, while Swiss Re exited New China Life Insurance.

JD Logistics wrapped up its jumbo Hong Kong IPO on Thursday after a strong turnout from institutional investors, attracted to the company’s fair valuation and its parent’s credentials. The multi-billion-dollar listing is set to be the city’s largest float since the beginning of the year, writes Jonathan Breen.

Foreign ownership of Chinese domestic bonds has hit an all-time high of over Rmb3.6tr ($562bn) — an impressive number but one that warrants a much closer look.

Chinese issuers Redsun Properties Group and Shandong Hi-Speed Group Co have hit the offshore bond market, grabbing a brief issuance window ahead of a public holiday on Wednesday.

Viva China Holdings has raised HK$3.8bn ($491.4m) after offloading a block of shares in Chinese sportswear manufacturer Li Ning Co, according to a source familiar with the matter.

Property manager Central China Management Co has kicked off the roadshow for its IPO. It is aiming to raise up to HK$1.05bn ($135.2m).