China

Tencent Holdings is planning to list its digital music distribution arm in the US, according to a filing with the Hong Kong Stock Exchange on Sunday.

Canvest Environmental Protection Group Company has increased its latest offshore borrowing to HK$1.409bn ($180m).

Beijing hits back at Trump’s tariffs, the chiefs of the People’s Bank of China reassure investors that China is ready for market turbulence, and the central bank announces improvements to Bond Connect’s northbound trading and Panda bond issuance.

Two global asset managers move closer to tapping China’s private fund market, AllianceBernstein appoints new CEO for its onshore operations, and the FX watchdog gives out $1bn of quota for the qualified foreign institutional investor (QFII) programme.

CCB Financial Leasing Corp sold the only dollar bond from Asia ex-Japan this week, raising $400m from a five year floating rate note on Thursday. But bankers and analysts said that the once robust demand for the format is already showing signs of decreasing.

The quality of Asian high yield bond covenants dropped to an all-time low in the last quarter. Chinese property developers, making the most of a buoyant market, have been cited as the biggest cause. But as the region’s primary bond market continues to struggle, it’s unclear if that push for looser standards can continue.

Powerlong Real Estate Holdings has closed a $305m offshore loan with three lenders.

China Grand Pharmaceutical and Healthcare Holdings has opted to pay for its acquisition of Australia-listed Sirtex Medical with a HK$2.9bn ($370m) rights issue.

Hong Kong-listed China Water Affairs Group (CWAG) has hit the Panda bond market for the first time, raising Rmb200m ($30.3m) from a private deal. Bankers think private placements and cornerstone-driven transactions are only going to get more attractive, in large part thanks to rising bond market volatility.

Two Chinese companies, United Asia Finance and Greentown China Holdings, have received strong responses to their offshore borrowings, allowing them to increase the loan sizes.

More Chinese technology start-ups have come out with their IPO plans, as Pinduoduo, Aurora Mobile and Opera file their US debuts.

Xiaomi Corp may have raised a little less than expected in its much-hyped Hong Kong debut, but China Tower Corp is ready to steal the thunder with a juicy $10bn IPO.