China

Defaulted bond issuer Kangde Xin Composite Material Co is expected to be delisted from the stock exchange of Shenzhen next month, a move that will end an over two year probe by Chinese regulators into the company.

Chinese electric vehicle maker Li Auto has launched its debut convertible bond, aiming to raise $750m amid a rebound in US stock markets.

Linklogis has priced its Hong Kong IPO above the mid-point of the price guidance, netting HK$7.96bn ($1.02bn), according to a source close to the deal.

Chengdu Jiaozi Financial Holding Group Co priced an ultra-tight $200m bond on Wednesday, turning to a group of largely Chinese banks for a club-style transaction.

China-based Fortune Auto Finance Co will launch a Rmb2.5bn ($381.5m) auto loan ABS transaction next week, the company’s first deal with an international rating. Meanwhile, Dongfeng Nissan Auto Finance Co is returning to the onshore market with a larger Rmb4.4bn trade.

Chinese property developer Logan Group Co has returned to the dollar bond for the second time this year. It was forced to navigate a much more difficult market this time – and ended up paying around 20bp over fair value.

Huatai Securities Co was back in the dollar market on Tuesday, marketing a dual tranche transaction more than a year after its last dollar sale.

Property company China Jinmao Holdings Group sold its second dollar bond of 2021 on Tuesday, raising $600m from a five year note.

Five Chinese regulators have drafted new guidelines for domestic credit rating agencies, attempting to reform an industry that has faced renewed criticism in recent months. Addison Gong reports.

Green Tea Group, a Chinese restaurant operator, is seeking approval to go public in Hong Kong.

Jiangsu Zhongnan Construction Group Co raised $250m from a new money and exchange offer on Monday.

FTSE Russell will start adding Chinese government bonds (CGBs) in its flagship FTSE World Government Bond Index (WGBI) later this year, a move that is expected to attract more foreign inflow into the world’s second largest bond market.