China

Ping An Insurance-backed Lufax Holdings has covered its $2.36bn US listing. Global heavyweight investors flocked to the long-awaited deal.

Beijing Hyundai Auto Finance has adopted a revolving structure for its Rmb4bn ($597m) return to the auto loan asset-backed securities (ABS) market.

Chinese biotechnology firm JW (Cayman) Therapeutics is set to close the book for its Hong Kong IPO on Tuesday, a daily earlier than planned, according to a source familiar with the matter.

Chinese financial technology company Ant Group is set to raise $34.3bn from the world’s largest ever IPO, after covering the deal within minutes of launch.

In this round-up, China’s fiscal revenue growth turns positive in the third quarter, Sweden becomes the latest to ban Huawei Technologies from its 5G plan, and S&P Global Ratings’ onshore unit secures a licence to rate domestic bonds in the exchange market.

A host of Chinese issuers found one of the last windows to sell bonds on Thursday ahead of the US presidential elections at the beginning of November and a public holiday in Hong Kong early next week.

Lufax Holdings, a personal finance services platform, has opened books for its offering of American depositary shares (ADS). It is aiming to raise up to $2.36bn.

Chinese property developer Country Garden has closed a $1.5bn-equivalent dual currency loan, attracting seven participants during syndication.

China’s Ant Group kicked off marketing for its Hong Kong and Shanghai dual listing on Thursday, the last stage before launching a possible $35bn IPO, set to be the world’s largest to date. The combined offering is already more than a third covered by onshore investors, with global buyers lining up for the rest. Addison Gong and Jonathan Breen report.

Agricultural Development Bank of China returned to the offshore renminbi market this week with a Rmb5.7bn ($854m) triple-tranche transaction. The deal featured a rare 10 year tenor in the dim sum market, showing the potential for more long-dated CNH funding. Addison Gong reports.

Meituan, a Chinese e-commerce platform and food delivery company, sold its first dollar bond on Wednesday, netting $2bn on the back of an order book that reached $16bn at its peak.

JW (Cayman) Therapeutics set its IPO in motion on Thursday, opening the order book for the up to HK$2.3bn ($300m) deal.