China

Kingsoft Cloud Holdings is looking to raise $450m from its Nasdaq IPO, finalising the listing terms on Monday.

Chinese bond issuers can feel a sense of relief that the country is starting to end its Covid-19-related lockdowns. But although the coronavirus might become less of a problem for these issuers over the rest of the year, an old enemy will again cause problems. US president Donald Trump is once again rattling his sabre.

Mainland-based Peijia Medical is set to be the third healthcare company to list in Hong Kong since the coronavirus outbreak in late January, opening books on Tuesday for a HK$2.34bn ($302m) IPO.

The China Securities Regulatory Commission and the National Development and Reform Commission have jointly announced a long-awaited pilot programme for real estate investment trusts to promote economic growth. The trial allows the listing of Reits backed by infrastructure projects.

The Asian dollar bond market is set for a quiet week for issuance because of public holidays across a number of countries and as investors continue to battle volatility induced by Covid-19 and renewed US-China trade tensions.

In this round-up, China says it will hold its most high-profile political meeting in May after a two-month delay due to the Covid-19 pandemic, both the official and Caixin manufacturing Purchasing Managers’ Index (PMI) slide in April, and the successor to failed Baoshang Bank launches.

Luxshare Precision, a Chinese designer of cable assemblies, has launched a $500m loan into syndication, hiking up the margin on offer due to changing market conditions caused by Covid-19.

Central China New Life, a property management company, has launched marketing for its Hong Kong IPO as it aims to raise up to HK$2.16bn ($278.6m). The Mainland-based firm has begun virtual meetings with investors as the threat of Covid-19 continues to prevent any hopes of physical meetings.

The German state of North Rhine-Westphalia made its first visit to the offshore renminbi market earlier this week, continuing this year’s SSA dim sum shopping spree.

Equity collars rarely make a public appearance in Asia’s capital markets. but Citi has shone a light on the product, after using a block trade to hedge its position in a collar it had structured for a high net worth client. Bankers think the deal will drive more demand for the structure. Jonathan Breen reports.

China said this week that it will radically overhaul the ChiNext board, approving a registration-based system for equity fundraising on the Shenzhen Stock Exchange’s start-up focused bourse. This is an important step by the regulator to shift to more market-driven capital markets ─ but plenty of concerns remain. Addison Gong reports.

Hong Kong-listed Country Garden Services Holdings made its equity-linked debut this week, tapping investors for HK$3.88bn ($500m) with a sub-one year zero coupon convertible bond.