China

The China Banking and Insurance Regulatory Commission (CBIRC) published the first set of capital requirements for banks’ wealth management subsidiaries on Monday, with the rules set to go into effect on March 1 next year.

OneConnect Financial Technology, a unit of Chinese conglomerate Ping An Group, hit the road on Tuesday to meet investors for its New York Stock Exchange IPO.

In this round-up, the Purchasing Managers’ Index (PMI) showed a surprise increase in November, the People’s Bank of China (PBoC) and other state regulators jointly released comprehensive guidelines for rating firms and Industrial and Commercial Bank of China (ICBC) named a new chairman for its supervisory board.

Yuexiu Transport Infrastructure, a Chinese red-chip company listed in Hong Kong and incorporated in Bermuda, sold its first Panda bond in the interbank market last Friday, raising Rmb1bn ($142m).

Dollar bond defaulter China Singyes Solar Technologies Holdings has won the backing of a Chinese state-owned company, raising funds from its new parent to fund a debt restructuring plan.

The price on GCL New Energy Holdings’ outstanding dollar bond has recovered from its lowest level since issuance, despite a double downgrade from the ratings agencies last week.

XD, a Chinese game developer, has kicked off the roadshow for its Hong Kong IPO, eyeing proceeds of HK$1bn ($128.4m).

Chinese local government financing vehicle (LGFV) Weifang Binhai Investment Development Co made its debut in the dollar market last Friday with a 363 day bond.

GAC-Sofinco Auto Finance, a joint venture between Crédit Agricole Consumer Finance and Guangzhou Automobile Corp, will hit the Chinese auto ABS market with a Rmb6bn ($854m) four-tranche transaction next Thursday, marking its largest deal so far.

In this round-up, profits at Chinese industrial companies declined further in October, Sun Hung Kai Financial (UK) became the latest GDR conversion institution and MSCI said it will not include more Chinese A-shares into its indices until access concerns are addressed.

In this round-up, US president Donald Trump signed the Hong Kong Human Rights Act into law despite trade tension with China, the Ministry of Finance allocated Rmb1tr ($142.2bn) of special project bond quotas to local governments and the Chinese State Council has set its sights on financing infrastructure projects.

China’s Tianfeng Securities Co, based in the Hubei province, has sold its first dollar transaction, raising a modest amount of $200m after a large price tightening.