China

A number of companies in Asia are understood to be following their European and US peers in drawing down revolving credit facilities as the rapid spread of Covid-19 bites. While this could pose some liquidity challenges in the loan market in the coming weeks, bankers are hoping the pain will be short-lived. Rashmi Kumar reports.

Shandong Ruyi Technology Group has had an interesting month: firing its onshore ratings agency, missing an interest payment on a bond, and then promising to repay the money privately to avoid a public default. The actions have triggered worries that more cash-strapped companies will follow its example. Rebecca Feng reports.

Humanwell Healthcare Group Co, a pharmaceuticals company based in the epicentre of the Covid-19 pandemic, has launched a $150m loan into general syndication.

Shanghai Titan Scientific, Speechocean and Easton Biopharmaceuticals are all planning to make a second attempt at listing on Shanghai’s Star market.

China Huiyuan Juice Group is contemplating a restructuring to improve its liquidity position, after failing to avoid a bond default due to the Covid-19 outbreak. The company is also facing a delisting from the Hong Kong Stock Exchange.

Chinese e-commerce giant JD.com has hired Bank of America and UBS to lead a secondary listing in Hong Kong, according to multiple sources familiar with the matter.

The Asian Infrastructure Investment Bank re-opened its headquarters in Beijing on Monday after being shut for weeks as a result of the outbreak of the coronavirus, which began in China but quickly spread across the world.

Chinese issuer Shandong Ruyi Technology Group Co missed an interest payment on a Rmb1bn ($143m) domestic bond on Monday, just days after holding a bondholder meeting.

Xinjiang Guanghui Industry Investment (Group) Co has priced $59m of new bonds as part of an exchange offer. It received lukewarm response for the transaction, with existing investors of less than a fifth of the original deal agreeing to roll over.

Ping An Bank has stepped up in the offshore loan market, launching its first deal on a sole basis for Shandong Energy Group.

Chinese biotechnology firm InnoCare Pharma has priced its HK$2.2bn ($288m) IPO at the top of the marketed range, following solid demand from institutional and retail investors, according to bankers close to the deal.

The People’s Bank of China kept the one year medium lending facility (MLF) rate unchanged on Monday, contrary to market expectations.