China

Smartphone maker Xiaomi Corp pocketed $3.96bn this week from a record top-up placement and concurrent convertible bond issue. Investors flocked to the transaction for its rarity value, investment grade rating and the offer of a liquid and volatile stock. Jonathan Breen reports.

Germany’s Volkswagen ended an absence of almost seven years from the offshore renminbi bond market this week, braving a year-end dip in liquidity to seal a Rmb1bn ($153m) deal. It offered yet another diversification opportunity for the carmaker, which is already a well-established name in China’s onshore securitization market. Addison Gong reports.

Chinese state-owned electricity company China Huaneng Group Co sold two tranches of perpetual bonds on Wednesday, raising $1bn.

Chinese property developer Longfor Group Holdings tapped equity investors for HK$4.7bn ($606.3m) through a top-up placement on Tuesday.

Four Chinese borrowers hit the dollar bond market on Tuesday, raising $745m between them.

Chinese smartphone maker Xiaomi Corp has raised $3.96bn from a concurrent top-up placement and convertible bond issue.

China Resources Mixc Lifestyle Services, the property management business of state-owned developer China Resources Land, is set to price its HK$12.3bn ($1.58bn) Hong Kong IPO at the top end of guidance.

Baker Bros Advisors, a shareholder in Chinese biopharmaceutical company BeiGene, has raised $340.1m from a sell-down of the firm’s American depositary shares.

JD Health International has raised HK$27bn ($3.5bn) after sealing its IPO at the top end of the marketed range, following a flood of global investor demand.

Home appliance retailer Vesync has started pre-deal investor education for its Hong Kong IPO, which is expected to raise around $200m, according to a source close to the deal.

Chinese toy company Pop Mart International Group has launched its IPO, looking to fund expansion with up to HK$5.2bn ($674m) in fresh capital.

Genius Auto Finance Co, a joint venture between Geely Automobile Holdings and BNP Paribas Personal Finance, is readying a Rmb4.04bn ($614m) Generation 2020-4 retail auto loan securitization. Pricing is expected later this week.