China

Chinese IPOs in the US came under renewed pressure this week after the US Senate passed legislation that could ban mainland companies from its stock exchanges and the Nasdaq said it intends to tighten the screws on regulations around listings. Jonathan Breen reports.

At least four issuers are planning to sell Panda bonds in June, GlobalCapital China has learned. Rebecca Feng reports.

Chinese property companies are slowly returning to the dollar bond market, reopening issuance from the sector after a two-month hiatus. Although debt bankers are not predicting a big pick-up in deal flow from these high yield issuers, the lack of supply is giving some borrowers an edge over pricing. Morgan Davis reports.

China’s Hope Education Group is making its debut in the offshore loan market for a $200m borrowing.

Chinese property borrowers are back in the bond market, following the success of Zhenro Properties Groups’ $200m deal last week. But Tuesday’s issuers — Country Garden Holdings Co and Redco Properties Group — saw two different outcomes, as they grappled with an illiquid secondary market and difficult pricing levels.

Yeahka, a Chinese online payments platform, has launched its Hong Kong listing of up to HK$1.6bn ($212m).

Nasdaq's board is planning to delist Luckin Coffee’s shares, after the Chinese company revealed fabricated accounts in April.

China’s Dongxu Optoelectronic Technology Co was unable to fully repay a five year renminbi bond that matured on Tuesday, after failing to convince all the investors to back an extension plan. Its parent, technology conglomerate Tunghsu Group, has a dollar deal maturing next month.

Toyota Motor Finance (China) Co is set to price a Rmb4.5bn ($633m) auto loan ABS next week, bringing to the market only its second deal in two and a half years. The 11-member underwriting group has eight foreign banks.

Chinese local government financing vehicle (LGFV) Nanjing Jiangbei New Area Industrial Investment Group closed a club-style $300m bond on Monday.

Chinese investment banks have a clear edge over their global counterparts when it comes to winning more offshore bond mandates from the country in the post Covid-19 environment.

The Asian Infrastructure Investment Bank has started roadshows for its maiden Panda outing ahead of its planned launch in early June, GlobalCapital China has learned from sources. Part of the proceeds from the Rmb5bn ($703m) deal will be used to fund an emergency Covid-19 relief loan to China.