China

China’s top regulators went above and beyond expectations over the weekend in providing reassurance that the country’s markets are on solid footing. While this was helpful, more action to support companies falling through the cracks is sorely needed.

Chinese property management company Redsun Services Group is planning a Hong Kong listing that could raise up to $100m, according to a source familiar with the matter.

The top officials at various Chinese regulatory bodies made efforts over the weekend to calm nerves on default risks and fleeing foreign capital as they tame the spread of the Covid-19 coronavirus within the country.

The China Securities Regulatory Commission (CSRC) has shed some light on the kinds of companies that are eligible to list on the Star board, solving part of a problem that has long puzzled potential IPO candidates.

Chinese biotechnology company InnoCare Pharma’s shares surged over 10% on their Monday debut, following an online opening ceremony for the HK$2.2bn ($288.7m) listing in Hong Kong.

In this round-up, countries around the world have confirmed 14,641 deaths from Covid-19 infections, the coronavirus epicentre of Wuhan is gradually loosening its lockdown, and the New Development Bank is giving China its largest loan.

Barclays has named Carrie Chen as vice chairman of Greater China banking and Sung-Min Chung as head of technology in banking for Asia Pacific.

In this round-up, Europe has now seen more Covid-19 infections than China and Italy more fatalities than the Mainland, the central bank has decided not to lower the loan prime rate (LPR), and Beijing has banned reporters from three US newspapers.

China’s Cathay Media and Education Group has re-applied for approval to float in Hong Kong, submitting documents on Thursday with its latest financial figures.

Sunac China Holdings made an opportunistic buyback of some of its outstanding dollar bonds on Thursday, in a move that bankers said can add some liquidity into the debt market while instilling confidence in the real estate company’s cash reserves.

Mercedes-Benz Auto Finance broke an almost year-long break from the China auto ABS market this week with a Rmb6.316bn ($892m) deal. The company added a three month revolving period to its transaction, a rarity for issuers.

Asia’s stock markets dived on Thursday as investors opted to hoard cash and global safe havens roiled with coronavirus-driven volatility. Amid the turmoil, however, equity capital markets bankers are trying to look ahead and are preparing for deals in the second half of the year. Jonathan Breen reports.