China

The China Securities Regulatory Commission has published new rules for issuers of ‘company bonds’, offering a clearer timeline on the registration process. It also scrapped a credit rating requirement and lowered the bar for retail investors to invest in the market.

Chinese developers E.House and Beijing Properties closed taps to outstanding dollar bonds at the end of last week, raising $250m between them.

Ke Holdings has kicked off bookbuilding for a $2bn US listing. But it has come as one of its largest shareholders, internet giant Tencent Holdings, was blindsided by the US with sanctions.

In this round-up, the US once again threatens to delist Chinese companies from American stock exchanges, the Treasury department imposes sanctions on 11 government officials in Hong Kong, including the chief executive of the special administrative region, and TikTok suggests it could to go court to fight a recent executive order by president Donald Trump.

In this round up, China records a trade surplus in July that exceeds expectations by a large margin, the central bank reviews the monetary policy from the second quarter and sets a direction for the rest of the year, and the finance minister says more than half of the proceeds from China’s Rmb1tr Covid-19 themed ‘special treasury bonds’ are already in use.

In this round-up, China and the US will examine the progress made from the phase one trade deal, the Chinese foreign minister says a ‘new Cold War’ is not what Beijing wants, and a pair of executive orders by president Donald Trump will ban US transactions involving WeChat and TikTok’s parent companies.

Hong Kong-listed Shanghai Henlius Biotech has won approval from the Mainland securities regulator to sell a chunk of new shares.

BMW Finance, a subsidiary of German carmaker BMW, sealed a Rmb500m ($72m) three year dim sum bond on Thursday. It was the first publicly sold offshore renminbi trade by a corporation since November last year.

China’s Excellence Commercial Property and Facilities Management Group is preparing to launch its Hong Kong IPO this month, according to a source close to the deal.

Chinese local government financing vehicle Qingdao China Prosperity State-owned Capital Operation (Group) Co followed its peers to take an aggressive approach to pricing its $200m bond.

Agricultural Development Bank of China’s Rmb4.3bn ($618m) dim sum bond this week brought in a record number of investors from outside of Asia, a senior treasury official told GlobalCapital China.

Alibaba Health Information Technology navigated concerns around its lofty valuations to pull off Hong Kong’s largest primary follow-on in five years, raising HK$10bn ($1.29bn) after boosting the size of the deal. The transaction closed with a bulging book, showing that demand for the healthcare sector is yet to peak. Jonathan Breen reports.