China

Chinese online tutoring company GSX Techedu has raised $207.9m after pricing its US listing at the mid-point of guidance, according to a source familiar with the matter.

Investors piled into Guangdong Energy Group’s inaugural offshore bond issue, allowing the single-A rated power supplier to price the trade from an over eight times covered order book.

Dongfeng Nissan sold its 13th Chinese auto loan ABS, a Rmb4.3bn ($621m) three-tranche note, on June 13. Both senior tranches were priced 25bp higher than the issuer's previous deal.

Ping An Insurance (Group) Co of China raised $400m from a bond sold through its real estate business on Tuesday. While the deal carried the weight of the Ping An name, the issuer’s aggressive pricing strategy scared some investors off.

Huatai Securities, the Chinese brokerage, has revived its plan to sell $500m of global depositary receipts (GDRs) on the London Stock Exchange, having postponed the deal last year due to regulatory uncertainties.

A combination of the takeover of Baoshang Bank and the escalating trade war muffled the Chinese bond market and increased smaller banks and corporations’ funding costs. Meanwhile, the People’s Bank of China (PBoC) has injected record highs of liquidity into the bank bond market.

The surprise takeover of troubled Baoshang Bank, together with the resignation of Bank of Jinzhou’s auditor, is a wake-up call for a market that had enjoyed a rosy outlook.

Industrial and Commercial Bank of China (ICBC) hit two parts of the dollar curve on June 3, selling two tranches of floating rate notes worth $750m each.

Bank of Jinzhou’s outstanding additional tier one (AT1) dollar notes took a beating in the secondary trading after its auditors resigned, amid concerns about the asset quality of lower tier Mainland banks since the takeover of Baoshang Bank by Chinese authorities.

In this round up, the Ministry of Commerce (MoC) is planning to publish a list of ‘unreliable entities’, clearly echoing the US’s ‘entities list’, the State Council issued a white paper detailing China’s stance on trade tensions, and the People’s Bank of China (PBoC) said its takeover of Baoshang is a ‘one-off’.

Tang Zhenyi, the former chairman of CLSA, is set to start at Credit Suisse as the chief executive for China later this month.

Chinese private higher education provider JH Educational Technology has opened the book for its $98m offering on the Hong Kong Stock Exchange.