China

In this round-up, Shanghai-based companies are being encouraged to take advantage of the city’s Star board, China has pledged another $30m to the World Health Organization and the State Council has urged banks to boost lending to micro and small enterprises.

In this round-up, international investors dumped Rmb208.4bn ($29.4bn) of Chinese stocks in March, and state-owned enterprises recorded a huge revenue drop in the first quarter of the year.

Shandong Qingyuan Group Co, a Chinese manufacturer and distributor of petrochemical products, is in talks with lenders to delay payment on a $1bn loan sealed last September as volatile oil prices take a toll on the company’s business.

Chinese retailer Wumei Technology Group has raised a loan of over €1bn to support its acquisition of German company Metro’s Mainland business.

Tianqi Lithium Corp’s rising debt burden since its acquisition of a stake in a Chilean mining company two years ago is causing trouble. The Chinese borrower is seeking covenant waivers and a tenor extension on part of a $3.5bn loan, raising concerns among bankers about the performance of other commodity credits amid the Covid-19 pandemic. Pan Yue reports.

Gemdale, a Chinese property company, raised the ire of investors this week when it cut the coupon on an outstanding bond by 379bp, despite documentation stating the coupon could only be increased. Rebecca Feng reports.

Asia’s bond market set a blistering pace this week, with nearly $4.2bn of deals sold through Wednesday and one of the busiest days since the global spread of the coronavirus. But although the successful deals are a sign that market sentiment is improving, bankers are cautious about what is yet to come. Morgan Davis reports.

Hansoh Pharmaceutical Group, a China-based drug maker, pocketed HK$3.49bn ($450m) from a larger-than-planned issue of primary shares this week.

Do investors matter in China’s bond market? Not much, judging by a recent series of bondholder meetings. HNA Group Co and Gemdale are the latest companies to push their luck. It is time for regulators to push back.

China’s Dr Peng Telecom & Media Group Co is looking to extend the maturity date of a bond coming due in June.

Shenzhen Zhaoheng Hydropower Group has obtained a maturity extension for a $128m loan sealed in 2017, after difficult market conditions put pressure on its refinancing abilities.

Hansoh Pharmaceutical Group, a China-based drug maker, has pocketed HK$3.49bn ($450m) from a larger-than-planned issue of primary shares.