China

CNFinance Holdings has filed for a $200m flotation of American Depositary Shares on the New York Stock Exchange.

European and Asian stock markets have fell sharply on Wednesday morning as investors attempted to position for escalation in trade hostilities between the US and China.

Stock Connect and Bond Connect are international investors’ favourite channels to tap the onshore capital markets thanks to their simplicity compared with other access programmes, according to a survey by Standard Chartered.

Ronshine China Holdings reopened a 2021 bond on Tuesday, adding $225m to a three year puttable line sealed in January this year. The deal is the latest in a series of capital raising exercises designed to ease the firm’s refinancing burden.

In a damning assessment, a European business lobby says China’s foreign ownership reform in the financial sector has done little to help foreign firms compete in the onshore market, and calls on Beijing to grant international institutions more freedom to engage in cross-border services.

In a sign of warming relations between China and Germany, Chinese authorities said they would let Deutsche Bank underwrite corporate bonds in the interbank market. The bank is hoping to grab two different types of underwriting licences, GlobalRMB has learned.

London-based equity capital markets investors are beginning to wonder whether the trade hostility between China and the US will hurt Hong Kong’s vibrant IPO market and are considering repositioning if it does.

Hong Kong-based Hang Lung Properties is hitting the Panda bond market for the first time, as it seeks to finance the construction of two shopping malls in the mainland. The issuer says the new buildings will be environmentally friendly, making the Rmb1bn ($150.9m) trade one of the few green Panda deals.

CMB International raised $250m from a three year floating rate note on Monday. Bankers and analysts were expecting the deal to reach $300m but despite a well-filled book, the borrower opted to limit its size ambitions.

CMB International and South Korea’s SK Innovation were taking bids for their dollar bonds on Monday, but despite the early start to the activity, debt bankers expect little else to follow.

The China Europe International Exchange (Ceinex) has released detailed guidelines for Chinese blue-chip issuers hoping to list in Frankfurt through D-shares.

In this round-up, Chinese premier Li Keqiang landed in Germany on Sunday to discuss trade and cooperation, Tradeweb is planning a mid-July solution for executing block trades on the Bond Connect platform, and China increased total qualified domestic institutional investor quotas last month.