China

Chinese auto finance company Tianjin Great Wall Binyin Automotive Finance Co got an international rating yet again for its return to the auto loan asset-backed securities market, a move that bankers say is in line with its ambitions to becoming more global.

China Evergrande Group has abandoned a backdoor listing plan for its property arm and flagship subsidiary Hengda Real Estate on the Shenzhen exchange, ending a reorganisation that started four years ago.

Three property companies from Greater China hit the bond market last Friday, raising $850m between them even as the US presidential election battle raged on. With Joe Biden now announced as the president-elect, the issuance spree in Asia only picked up pace on Monday.

Chinese property manager Sunac Services Holdings has hit the road for its Hong Kong listing, eyeing HK$8.7bn ($1.1bn) in fresh equity.

China Resources Mixc Lifestyle Services has begun testing investor appetite for a Hong Kong listing that could raise around $1bn, said a source close to the deal.

Antengene Corp, a clinical stage biopharmaceutical company, has set its Hong Kong listing in motion. It has opened bookbuilding for an up to HK$2.79bn ($359.4m) IPO.

In this round-up, China’s financial system gives up Rmb1.25tr ($190bn) in profits to support the real economy, the central bank releases its annual financial stability report, and the country’s foreign exchange reserves by the end of October miss forecast.

In this round up, China plans to expand its digital economy, local governments issue over Rmb6tr ($906bn) of bonds by October, and the National Association of Financial Market Institutional Investors announces a trial programme for cash tender offers for corporate bonds in the interbank market.

Chinese video-sharing platform Kuaishou Technology is planning to float in Hong Kong, having filed a draft prospectus with the city’s stock exchange.

Chinese pork producer Muyuan Foods saw lukewarm appetite among banks for its debut syndicated loan, which was closed at a smaller size of $140m.

Antengene Corp, a clinical stage biopharmaceutical company, is set to launch the roadshow for its Hong Kong IPO next week after wrapping up pre-deal investor education, according to a source close to the listing.

The Shanghai Stock Exchange stunned the market on Tuesday by halting Ant Group’s $34bn IPO, set to be the largest listing in history, just two days before the company’s planned stock market debut. The extraordinary move is expected to delay the listing by at least six months. It will also force investors to revalue the company, write Jonathan Breen and Addison Gong.