China

Chinese optical fibre developer Hengtong Group has hit the international loan market for the first time for a $100m fundraising.

China’s market watchdog said companies can submit applications to list China Depositary Receipts from Thursday, declaring the start of trials for the scheme.

Xiaomi Corp had its listing hearing with the Hong Kong Stock Exchange on Thursday, paving the way for investor education to begin on Monday if the IPO is approved.

General Motors’ joint venture sealed a Rmb10.4bn ($1.62bn) deal in the Chinese securitization market on June 6, marking its biggest outing so far. Bankers on the deal said the auto company wanted to bag the cash before onshore rates come under pressure in the second half of the year.

Hua Medicine has filed for an IPO in Hong Kong under sponsors CLSA and Goldman Sachs, as the promised pipeline of biotechnology issuers begins to materialise following the city’s new listing rules.

China Everbright Bank’s Hong Kong branch sold its first euro-denominated bond on Wednesday, part of a dual-currency floating rate transaction.

UBS has appointed Kevin Cui and Terry Schmassmann as co-heads of Asia DCM syndicate, effective immediately, according to an internal memo seen by GlobalCapital Asia.

Industrial and Commercial Bank of China’s London branch issued a $1.5bn-equivalent green bond on Tuesday, becoming the third big Chinese bank to hit the offshore debt market with floating rate notes in less than a week.

Two Chinese online platform businesses will start pre-deal investor education for their Hong Kong IPOs on Thursday, according to bankers.

FTSE Russell is set to begin consultation on including China government bonds (CGB) in the World Government Bond Index (WGBI) this year, GlobalRMB understands.

China has had a busy fortnight in capital reform, with its long-awaited entry into MSCI, and progress in plans for Chinese firms to list in London and Frankfurt. Yet it is becoming clear that regulators should focus on Hong Kong links, rather than opening up new markets.

Guangzhou R&F Properties Co raised $200m from a tap of its existing bonds on Tuesday, opting to reopen an old deal amid a challenging market environment.