China

The US securities regulator has introduced rules that would delist foreign companies from local stock exchanges if they do not comply with US auditing standards. Shares in Chinese companies dual listed in Hong Kong and the US dived following the move.

The New Development Bank sold a Rmb5bn ($767m) Panda bond aligned to the United Nations’ Sustainable Development Goals this week. The deal, expected to help mitigate the impact of Covid-19 on the Chinese economy, was priced flat to China Development Bank’s yield curve, and saw solid demand from international investors. Addison Gong reports.

Avic International Leasing Co landed a $500m bond well inside of fair value on Wednesday, thanks to strong support from its syndicate banks.

Slowing dollar bond supply from Chinese property companies got a further blow this week after Yuzhou Group Holdings was hit with a downgrade, triggering a slump in the secondary market. With more disruptions expected, and as liquidity pressure on real estate firms rises, a repricing of the sector may be on the cards. Morgan Davis reports.

GoHo Asset Management Co returned to the debt market for a $100m bond on Wednesday.

Mercedes-Benz Auto Finance has priced the senior tranche of its Rmb8.337bn ($1.28bn) auto loan ABS deal in China at an aggressive spread over the onshore benchmark and comparable trades.

China SCE Group Holdings managed to raise $300m from a narrow issuance window on Tuesday, just as sentiment started to sour around the country’s high yield property bond market.

GLP China Holdings received a stronger reception than expected for its bond outing this week, allowing the logistics company to raise $700m with a small premium.

Science City (Guangzhou) Investment Group Co, a Chinese state-owned enterprise, raised $550m from a dual tranche debut bond sale on Tuesday.

Hong Kong-based Jeneration Acquisition Corp, a special purpose acquisition company (Spac), is planning to raise $300m from a Nasdaq IPO.

Bilibili, a Chinese video sharing and gaming platform, has raised HK$20.2bn ($2.6bn) from its Hong Kong secondary listing, following a strong turnout from institutional investors.

New Hong Kong-listed companies are increasingly seeing muted aftermarket trading, rather than sweeping gains on their debuts. However, this shouldn’t be mistaken for a dip in investor sentiment in the stock market. It's instead a sign of strength for the bourse.