China

China Evergrande Group this week tapped the equity capital markets for HK$4.3bn ($554.9m), making its first primary share sale in five years. But the fundraising did not go as planned, with the embattled property developer nearly halving its initial target after investors called for a smaller deal. Jonathan Breen reports.

China raised a combined $6bn from a four tranche transaction on Wednesday, turning to US investors for the first time despite rising tensions between the two countries. It appeared a smart move, helping the bonds price well inside fair value. Morgan Davis reports.

GAC-Sofinco priced a Rmb4bn ($564m) four-tranche auto loan asset-backed securitization (ABS) on Tuesday, venturing into the market despite rising onshore yields in a move that puts it ahead of an expected surge of supply in the last quarter of the year.

China Evergrande Group’s stock price plummeted on Wednesday after the issuer slashed an overnight share sale to nearly half its initial target, raising HK$4.3bn ($554.9m).

China Merchants Commerce Financial Leasing Co (CMC Leasing) made its debut in the dollar bond market on Tuesday, selling a $350m five year deal.

China Evergrande Group, a property developer, hit investors with a jumbo top-up placement on Tuesday, eyeing proceeds of up to HK$8.4bn ($1.1bn), according to a term sheet seen by GlobalCapital Asia.

US senator Marco Rubio wants his government to find a way to delay the listing of Ant Group, even though it is happening outside of the US. The move would undoubtedly be bad news for US banks but it also appears to offer little upside to politicians.

China’s State Administration for Market Regulation (Samr) has imposed a Rmb2m ($298,000) fine on each of Luckin Coffee’s two main operating entities in China and three other companies, the highest possible penalty under the country’s competition law.

Simcere Pharmaceutical Group has begun its Hong Kong listing, opening books for the up-to HK$3.57bn ($460.6m) deal.

Fitch Rating’s China arm, Fitch (China) Bohua Credit Ratings, assigned its first domestic rating this week, five months after securing a licence in the world’s second largest bond market.

Sina Corp, a Chinese internet firm that owns social media platform Weibo, is seeking a $2.08bn borrowing from onshore and offshore borrowers. It plans to use the money to delist from the Nasdaq.

Three high yield Chinese property issuers turned to the offshore bond market on Monday, raising $950m between them.