China

Chinese cloud-based communications provider Cloopen Group Holdings saw its stock price triple on the first day of trading, after sealing a $320m IPO above the marketed range.

Chinese bond investors welcomed the issuance of new ‘carbon neutrality bonds’ this week. Six companies raised a combined Rmb6.4bn ($994m) in the format, supporting Beijing’s goal of net zero carbon dioxide emissions by 2060.

Chinese property company Huafa Industrial Co Ltd Zhuhai raised $200m from the sale of a sub-one year note on Tuesday.

Baidu has become the latest technology company from China to tap the loan market, breaking a four-year absence from syndication for a $3bn transaction. The company wants to take advantage of the growing popularity of tech deals among bank lenders. Pan Yue reports.

Chinese regulators have made a long overdue move to reduce the number of boards at the Shenzhen stock exchange. That points to a greater commitment towards streamlining the country’s sometimes confounding capital markets.

GlobalCapital and HSBC hosted a virtual roundtable in mid-January to discuss the blowout start to high yield bond issuance in 2021. Leading market experts highlighted how Asia’s debt markets have shifted — and how borrowers are positioning themselves for the rest of the year.

Chinese solar power company GCL New Energy Holdings has met the threshold needed to restructure its debt, following its default on a dollar bond at the end of January.

In this round-up, China’s securities regulator approves the consolidation of the Shenzhen Stock Exchange’s main board and the SME board, listed companies are required to update investors with information related to their environmental, social and corporate governance (ESG) efforts, and Beijing, Hong Kong and Macau further lay the foundation for a cross-border wealth management connect pilot scheme.

In this round-up, Ant Group and the Chinese regulators have reportedly agreed on a restructuring plan that will see the online payments firm transform into a financial holding company, and MSCI rolls out two new indices tracking new economy companies in China.

Jinchuan Group Co, a state-owned enterprise from China's Gansu province, made its debut in the international market on Thursday with a $280m bond.

Chinese property company Fantasia Holdings Group Co returned to the debt market this week for a $150m tap to meet some imminent refinancing needs.

New Horizon Health hit the equities market on Thursday, aiming to raise up to HK$2.04bn ($263.1m) from its IPO, according to a source familiar with the matter.