China

Hong Kong-listed oil company Hilong Holding pushed back the exchange deadline for its 2020 bonds again on Monday, leaving the issuer with a short window to get the deal wrapped up before the notes mature on June 22.

Burning Rock Biotech, a cancer detection and therapy company, has opened books for its up to $209.3m Nasdaq IPO following a hot week for Chinese listings in the US.

Chinese e-commerce company JD.com covered its Hong Kong secondary listing within a few hours of opening bookbuilding late last Friday evening, with orders continuing to pour in on Monday.

In this round-up, China releases a white paper detailing the country’s efforts in fighting the Covid-19 pandemic, trade surplus surges in May as imports plunge, and the Mainland’s foreign currency reserves are better than expected.

China Aircraft Leasing Group Holdings is navigating difficult conditions in the syndications market for a $46m new money loan, as lenders step back from the pandemic-hit aviation industry.

Zhenro Properties Group and Seazen Group took advantage of a lack of high yield dollar bond supply in Asia to raise $600m between them on Thursday.

Two foreign issuers and a red-chip company tapped China’s onshore renminbi bond market this week, taking home Rmb6.2bn ($875m). Two more red-chip borrowers are waiting in the wings, with their deals slated for next week.

Chinese online game developer NetEase has raised HK$21.1bn ($2.7bn) from its secondary offering in Hong Kong, riding on strong investor support for its listing, according to a senior banker on the deal.

In this round-up, China says it will make the Hainan province a world-class “free trade port”, the May Caixin China general services purchasing managers index beat consensus by a large margin, and the central government will sell over Rmb100bn ($14bn) of treasury bonds next week.

A subsidiary of China National Chemical Corp (ChemChina) has returned to the market for an €860m dual-tranche loan.

Chinese e-commerce company JD.com will open books for its Hong Kong secondary listing on Friday after the markets close, according to two sources close to the deal.

China has opened an asset-backed commercial paper market, announcing new regulations and preparing five trial deals — three of which will be priced by the end of the week. Rebecca Feng reports.