China

Software company Kingsoft Corp plans to spin off and list Beijing Office Software on Shanghai’s new technology board, pulling its initial plan to float the subsidiary on the Shenzhen Stock Exchange’s junior ChiNext board.

China’s Yingde Gases Group has received a strong response in the loan market for its $300m three year facility.

Components manufacturer Impro Precision Industries this week began its third attempt to float on the Hong Kong Stock Exchange.

A year ago, Hong Kong’s stock exchange (HKEX) added a new chapter to its regulations, allowing pre-revenue biotechnology companies to list. The historic move has turned the city into the biotech IPO hub of Asia. But its fortune could change if the Mainland’s new Nasdaq-style Shanghai tech board, which offers similar pre-revenue concessions, stems the flow of its primarily Chinese issuers.

China made big strides developing its green bond market last year, moving closer to international standards and producing a volume of issuance that placed it only behind the United States. But this year, the market has gone backwards. What has happened to Chinese green bond issuance?

The first batch of seven funds looking to invest in the new Shanghai tech board saw a total of more than Rmb100bn ($14.8bn) coming in on the first day they opened books.

Just two Asian borrowers visited the international debt market on Monday, raising nearly a combined $800m ahead of the public holiday on May 1.

Fitch has downgraded Tewoo Group, a Chinese state-owned commodities trader, by six notches, citing the company’s weak liquidity and high leverage. The Tianjin government’s financial ability to support its related entities was also brought into question.

Semiconductor Manufacturing International Corporation (SMIC), a Shanghai-based chipmaker, returned to the Panda market on Monday with two 180-day notes, raising Rmb1.5bn ($223m) in total.

Duiba Group has completed its second attempt at listing on the Hong Kong Stock Exchange.

Huatai Securities has taken a further step to selling shares in an indirect subsidiary, AssetMark Financial Holdings, after filing initial paperwork for the US listing.

Distressed Chinese oil and gas producer MIE Holdings managed to repay the remainder of a dollar-denominated 2019 bond on time, though the company still faces refinancing pressures.