China

Zhongsheng Group Holdings tapped the equity-linked market for HK$4.56bn ($588.4m) this week to repurchase an outstanding convertible bond. The firm found strong demand from the usual sets of investors but also got new names looking for defensive opportunities. Jonathan Breen reports.

Dada Nexus, an operator of Chinese on-demand retail and delivery platforms, and Legend Biotech Corp both set the ball rolling for Nasdaq IPOs this week.

Zhongsheng Group Holdings has pulled off a HK$4.56bn ($588.3m) convertible bond and repurchase of an outstanding CB, increasing the deal size on the back of demand from existing bondholders.

GAC-Sofinco Auto Finance priced a Rmb4bn ($564m) four-tranche auto loan ABS offering on Tuesday. The senior class A1 and A2 tranches were both sealed at coupons below 2%, setting a new record for Chinese auto ABS issuers.

Dada Nexus, an operator of Chinese on-demand retail and delivery platforms, has set the ball rolling for a Nasdaq IPO.

Zhongsheng Group Holdings is issuing a HK$3.88bn ($500m) zero-coupon convertible bond to fund the repurchase of an outstanding CB.

China has made great strides in attracting foreign capital by relaxing stringent rules around access to its markets. But it needs to go further, with experts saying reform should be brought to the top of the agenda once the dust from the Covid-19 outbreak settles. Addison Gong reports.

It should come as little surprise that the Covid-19 pandemic has led to a sharp repricing of Chinese bonds in the onshore and offshore markets. What might be a surprise is that the two markets have gone in different directions. Rebecca Feng reports

Chinese battery maker Leoch International Technology has returned to the loan market for a $100m refinancing.

Online payments platform Yeahka has begun stirring up investor interest in its Hong Kong IPO, which is set to be launched next week, according to a source close to the deal.

China Resources Gas Group's stock price dropped by nearly 7% on Tuesday, following an equity fundraising the day before.

Chinese oil and gas company MIE Holdings Corp has missed interest payment on a dollar bond during the grace period, triggering cross-defaults on its loan facilities. The firm has been hit hard by tumbling oil prices this year, putting pressure on its liquidity.