China

Chinese vape company RLX Technology raised $1.4bn from its US listing this week, pricing the deal above the marketed range after a huge turnout from investors.

Chinese car manufacturer BYD has closed Hong Kong’s largest primary share placement in more than half a decade, raising HK$29.9bn ($3.86bn). The issuer tapped the market as the local benchmark Hang Seng Index hit a record high, getting strong demand from mainland investors. Jonathan Breen reports.

Chinese conglomerate Fosun International went to the international debt market on Wednesday for a $500m deal.

China International Capital Corp (CICC) raised a larger-than-planned $1.5bn from the bond market on Tuesday in a deal driven by Asian accounts.

The relationship between the US and China, which has faced immense strain during Donald Trump’s presidency, is unlikely to get too much relief under the Biden administration. The biggest losers will be US banks and their capital markets business in Asia.

China Modern Dairy Holdings has raised HK$1.56bn ($201.2m) after selling a block of new shares to fund growth and M&A.

Kaisa Group Holdings and BOC Aviation used swift taps to add more money to their coffers on Tuesday.

Cloopen Group Holding, a cloud-based communication provider, is planning to raise at least $100m from a US IPO of American depositary shares (ADS).

JP Morgan has made new appointments to its China-related businesses, including picking the chief executive for its majority-owned onshore securities joint venture.

Four Chinese high yield property companies had the dollar market to themselves on Monday as a public holiday in the US kept other Asian issuers at bay. But the borrowers raised just modest amounts to tackle some of their refinancing needs.

For the first time in eight years, China has handed out new lead underwriting licences to securities houses. While the move will help ambitious firms grab a slice of China’s Rmb102tr ($15.7tr) interbank bond market, they are unlikely to pose a big threat to the competition just yet. Addison Gong reports.

China Construction Bank has wrapped up its first onshore RMBS outing of 2021, starting the year with a relatively small Rmb5.14bn ($793m) transaction under its Jianyuan series.