China

Asia’s markets were on edge this week as Chinese equities fell into bear territory and the simmering trade war between the US and China deepened. The tensions felled two IPOs but have not brought fundraising activity to a complete stop, even as bankers remain unsure about what happens next. John Loh reports.

The National Development and Reform Commission intends to restrict offshore bond quotas for Chinese corporations, while also limiting the use of proceeds to refinancing.

China Huarong Asset Management Co focused on getting a sensible price rather than a large size with its Tuesday bond issue, raising $1.1bn from three tranches. The deal followed a probe of its former chairman earlier this year, as well as a general widening of bonds from the sector.

Nasdaq-listed Momo this week bagged $650m from its first convertible bond, shrugging off a volatile market to close the deal multiple times covered.

The Chinese Ministry of Finance (MoF) is aiming to raise Rmb10bn ($1.53bn) in its offshore renminbi (CNH) bond auctions in Hong Kong this year. The sovereign issuer is also selling $3bn of notes outside China, marking its second outing in the dollar market in two years.

Chinese financial leasing firm Far East Horizon (FEH) nabbed $400m from a floating rate note on Monday that required an arduous price discovery process.

Chinese internet search giant Baidu is considering the sale of China Depository Receipts (CDRs).

More companies are planning to follow Qingdao Haier’s lead as it prepares to sell the first batch of D-shares, a new asset class for Chinese stocks listed in Germany, a spokesperson at the China Europe International Exchange (Ceinex) told GlobalCapital Asis's sister publication GlobalRMB.

After days of volatility in Asia’s capital markets, what does the bond issuance pipeline look like this week?

Chu Kong Petroleum and Natural Gas Steel Pipe Holdings has entered into a standstill period for a $72m bond that was due earlier this year.

Ganfeng Lithium will start pre-deal investor education for its IPO in Hong Kong on Tuesday ahead of an expected $1bn fundraising.

Meituan Dianping, one of China’s biggest unicorn technology start-ups, is seeking an IPO in Hong Kong that could raise upwards of $4bn.