China

Chinese developer Gemdale has backtracked on plans to cut the coupon on an outstanding renminbi bond by 379bp, after a backlash from investors.

The Singapore Exchange (SGX) and Citic Securities Co have signed an agreement to collaborate across multiple parts of Asia's capital markets.

The China Securities Regulatory Commission (CSRC) has kicked off big reforms to the ChiNext board, in a bid to revive its appeal once again to fast growing and high tech companies that have been favouring the Shanghai’s Star market since its launch last year.

The African business unit of China Nonferrous Metal Mining (Group) Co, a mainland state-owned company, is tapping the offshore loan market for the first time, seeking $300m.

Hong Kong-listed Country Garden Services Holdings has tapped equity-linked investors for HK$3.88bn ($500m), selling a sub-one year zero coupon convertible bond.

Beijing Enterprises Clean Energy Group (BECE) has returned with a three year renminbi-denominated puttable bond, bringing yet another green transaction to the Panda market.

Property management company Central China New Life carried out accelerated pre-marketing for its Hong Kong IPO this week, said a source close to the deal.

In this round-up, March trading volume soars in the onshore bond market but dips in stocks, China’s industrial profits decline sharply for the first quarter, and the securities regulator says it will not tolerate fraudulent behaviour.

China's Ebang International Holdings, a cryptocurrency mining hardware maker, is planning a US IPO that could raise up to $100m. It follows in the footsteps of Canaan Creative, which listed last November but has since seen its stock price tumble about 53%.

Chinese property developer Times China Holdings used support from reverse enquiry to seal a quick $200m bond on Monday morning that has raised questions about the unusual execution style.

Chinese software company Kingsoft Corp bagged HK$3.1bn ($399.9m) on Thursday from a five year convertible bond. It was the first equity-linked trade in Hong Kong since the coronavirus outbreak in January.

Credit Suisse has been hit hard by the alleged accounting scandal at Nasdaq-listed Luckin Coffee, which is understood to be behind one of the largest loans covered in the bank’s loan loss provisions for the first quarter of 2020.