China

Chinese property developer Kaisa Group Holdings reset the price for all of its bonds on Wednesday when it sold a $300m sub-one year note.

China Vanke Co, one of the largest property developers in the mainland, will lower the coupon rate on a Rmb3bn ($422m) bond by 260bp after the July put date, becoming one of the latest issuers to take advantage of falling funding costs onshore. Addison Gong reports.

Qatar National Bank returned to offshore renminbi (CNH) bonds this week, adding a dash of variety to a market that has been dominated by Chinese names.

Real estate developer China Vanke raised HK$7.89bn ($1.02bn) on Wednesday from a sale of fresh equity.

Chinese online game developer NetEase had covered its HK$21.6bn ($2.8bn) secondary listing in Hong Kong multiple times over by the time GlobalCapital Asia went to press on Thursday. Investors have long awaited the company’s return from the US, pumping in orders as markets rallied despite numerous geopolitical headlines. Jonathan Breen reports.

Yinchuan Tonglian Capital Investment Operation Co, a Chinese local government financing vehicle, failed to meet its $300m funding target on Wednesday. Concerns around the company’s old ties to cash-strapped Shandong Ruyi Technology Group and troubles at other LGFVs dented investor support.

China Pacific Insurance (Group) Co has won approval from the mainland securities regulator to move ahead with its stock offering on the London Stock Exchange.

China has opened an asset-backed commercial paper market, announcing new regulations and three trial deals that will be priced by the end of the week.

Casino developer Sands China paid no new issue premium for its $1.5bn bond on Tuesday, despite the effects of the Covid-19 pandemic on the gaming industry.

Cambricon Technologies Corp is one step closer to debuting on China’s technology-focused Star Board, having received the go-ahead from the bourse in just over two months.

Greentown Service Group, a Chinese property manager, pocketed HK$2.71bn ($350.2m) on Tuesday after increasing the size of a primary share placement.

China Meidong Auto Holdings turned to investors on Tuesday for up to HK$1.01bn ($130.4m) from a top-up placement, according to a source familiar with the matter.