China

One of China’s most powerful bond market regulators has issued a warning to Industrial Bank and Citic Securities, after the two banks accepted an underwriting fee the regulator said was “far below” market standards.

In this round-up, the chairman of China’s top securities regulator says the country will step up on its crackdown of fraudulent behaviour in the financial market, and the governor of the People’s Bank of China (PBoC) talks about policies to overcome the impact of the pandemic.

Kintor Pharmaceutical has notched another success for the healthcare sector, raising HK$1.86bn ($240m) from its IPO after pricing the deal at the top of the marketed range.

In this round-up, China releases better-than-expected credit data for April, both consumer and producer inflation numbers ease onshore, and the central bank sells Rmb30bn ($4.23bn) of renminbi bills in Hong Kong.

In this round-up, the relationship between the US and China deteriorates, the US warns its pension fund against investing in Chinese equities, and Mainland regulators vow to develop the financial markets of the Greater Bay Area.

Zhenro Properties Group has ended the long absence of Chinese property companies from the dollar bond market, raising $200m from a transaction that was more than 10 times oversubscribed at its peak.

Chinese stocks are in Donald Trump’s firing line again, after the US president announced he is “looking very strongly” at any companies not following local accounting guidelines.

Fitch Ratings has won a licence to rate domestic bonds in China, becoming only the second foreign firm to get access to the Rmb103tr ($14.6tr) market.

China’s Powerlong Real Estate Holdings has closed a $200m-equivalent loan with three banks.

Chinese convenience store operator Suning Xiaodian is raising mezzanine debt of up to $300m to refinance an acquisition loan sealed last year.

Genius Auto Finance sealed a Rmb4bn ($563m) three tranche auto loan ABS on Thursday, piercing through a razor-thin 2% coupon level for the senior tranches.

China has taken a long-awaited step towards opening its real estate investment trust (Reit) market, publishing rules for a pilot programme. The regulators are understandably starting small, but the guidelines don’t do enough for companies that need to list Reits the most.