China

China’s asset backed securities (ABS) market has had a stellar year so far, with volumes jumping thanks to a big push from the regulators. But it’s not just a numbers story. The depth of the market has also improved, with better secondary liquidity and more offshore participation.

Chinese sportswear retailer Topsports International Holdings has raised HK$7.9bn ($1bn) from its IPO on the Hong Kong Stock Exchange, pricing the deal just above the bottom of the marketed range.

International G3 currency bond issuance in Asia is set to surpass 2018’s numbers before the end of the year, as relatively stable market conditions provide borrowers with fundraising opportunities. But DCM bankers warn that things could turn in the blink of an eye, as geopolitical tensions threaten to disrupt their fourth quarter business. Morgan Davis reports.

Youdao, an online education platform founded by Chinese technology giant NetEase, is planning an IPO of American Depository Shares (ADS), having filed a draft prospectus with the US regulator.

The Shanghai Stock Exchange (SSE) has published statistics of the companies that have applied for and listed on the Star board since its launch, giving market participants a closer look at the firms that the bourse has attracted.

China’s Star board, the local version of the US Nasdaq, has great potential to highlight the country’s move towards reforming its IPO market — if it’s done right.

Chinese health and wellness solutions provider Ecmoho is planning to float on the Nasdaq and is targeting proceeds of up to $150m.

Zhongliang Holdings Group Co, the Chinese high yield property company, returned to the dollar bond market on Friday, adding $100m to its coffers in a tap of its maiden 2021 bonds, issued only the week before.

Beijing Hongkun Weiye Real Estate Development Co sold a three non-put two year bond on Friday last week with one of the highest yields Asia has seen this year.

In this round-up, the US and China set a date for the next round of negotiation in Washington DC, MUFG and Mizuho receive approval to underwrite onshore Chinese bonds and China’s industrial profits growth edges down in August.

Credit Suisse has hired three senior members of CLSA’s China Reality Research group to form a new research team for the mainland.

A number of dollar bond issuers in Asia have moved to reopen their existing notes and add more funds to their coffers ahead of a week-long holiday in China for National Day.