China

Chinese electric vehicle manufacturer XPeng raised $1.5bn this week, after increasing the size of its US listing and pricing it above the marketed range.

Ant Group started speaking to investors this week for mammoth IPOs on the Hong Kong and Star markets, which at an estimated size of $30bn would become the world’s largest ever share offering. The deal is a big win for both exchanges — and bankers in Hong Kong are also expecting a record fee from the deal. Jonathan Breen and Rebecca Feng report.

Tencent Music Entertainment Group (TME) attracted nearly $13bn of orders for its offshore bond debut this week. The company’s solid credit profile and backing from its parent helped win over investors. Morgan Davis reports.

Huangshan Tourism Group Co opted for euros for its maiden offshore bond. The €230m transaction benefited from a standby letter of credit from Bank of China’s Anhui branch, as well as strong bookrunner support.

Road King Infrastructure found strong support for its high yield dollar deal on Tuesday, gathering $2bn of orders for a $300m transaction.

Nongfu Sping, a Chinese bottled water and beverage company, is closing the international book for its Hong Kong IPO a day earlier than planned on the back of strong demand, according to sources close to the deal.

Hainan Airlines Holding Co, the flagship carrier of embattled Chinese conglomerate HNA Group, has convinced investors to wait for nine more months for their principal investment in a domestic bond.

Chinese internet and data centre services provider 21Vianet Group has raised $352.8m from a primary issue of its Nasdaq-listed stock.

Shandong Commercial Group Co followed its Chinese state-owned peers into the dollar market on Tuesday, but found limited support from investors for its $180m unrated bond.

Compart Systems, a high precision metal components maker, has returned to the loan market to refinance an old borrowing from 2016, which was used to support its buyout by Platinum Private Equity.

Ant Group has taken a step closer to pulling off what is expected to be the world’s largest ever share offering, submitting IPO applications in Hong Kong and Shanghai on Tuesday.

Yidu Tech, a Chinese technology-based healthcare provider, is seeking approval for a Hong Kong IPO.