China

China’s Kingboard Chemical Holdings has returned to the loan market for a HK$5bn ($638.7m) facility, a year after sealing a larger deal.

The Shanghai Stock Exchange (SSE) has introduced rules for daily trading limits, limit order price ranges and treatment of ‘abnormal fluctuations’ for the Star Market, its new technology innovation board that is in its final preparation stage.

China’s Ascentage Pharma Group International and CIMC Vehicles kicked off pre-marketing for their respective Hong Kong IPOs on Monday. Both are expected to launch bookbuilding by the end of June.

Chinese components manufacturer Impro Precision Industries has opened books for its HK$1.1bn ($140.49m) IPO after receiving Hong Kong Stock Exchange approval for its float.

Property developer China Jinmao Holdings Group priced a $250m deal last week, including $145m of new money, as part of an exchange offer that had a participation rate lower than 20%.

Huatai Securities, the Chinese brokerage, has set a price for the sale of global depositary receipts on the London Stock Exchange, the first deal under the new London-Shanghai Connect programme.

In this round-up, US president Donald Trump warned of higher tariffs should his Chinese counterpart not meet him at G20, UBS’s chief economist employed questionable language when discussing the rise of Chinese consumer prices, and total exports edged up in May while exports to the US fell again.

As the crisis at Baoshang Bank and Bank of Jinzhou continues to brew, Hong Kong-listed Guangzhou Rural Commercial Bank priced a $1.43bn Basel III-compliant additional tier one (AT1) note at a level that was well inside where similarly rated small Chinese lenders were trading in the secondary market.

Power Construction Corp of China has raised $800m from a dual-tranche offering that keeps senior perpetual supply from Chinese state-owned enterprises (SOEs) alive.

In this round-up, Pan Gongsheng, vice governor of the People’s Bank of China, suggests cancelling quota limits for the Qualified Foreign Institutional Investor (QFII) scheme, the National Development and Reform Commission (NDRC) heightened scrutiny on offshore bond issuers, and the Hong Kong Insurance Authority prepares the ‘Mainland-Hong Kong Insurance Connect’.

Chinese automobile conglomerate Geely has used an exchangeable bond to monetise the volatility of its stake in AB Volvo, the Swedish maker of heavy-duty vehicles, to secure €400m of funding at a zero coupon.

Chinese brokerage Huatai Securities this week will become the first company to list shares in London via the London-Shanghai Stock Connect programme. The deal, which is oversubscribed, is a landmark transaction and an important step for the internationalisation of China's capital markets.