China

The London-Shanghai Stock Connect appears to be finally taking shape after several years in the making. But with the dollar beating the renminbi and the pound to become the link’s major trading and settlement currency, the scheme looks increasingly skewed towards investors in the US rather than those in the UK and Europe.

Property developers Times China Holdings, Central China Real Estate and China South City Holdings raised funds from the dollar bond market on Monday, with all three finding sufficient buy-side interest.

Foxconn Industrial Internet’s move to place its chunky A-share IPO in China with a group of strategic investors — closely resembling Hong Kong’s cornerstones — needs to be lauded, not criticised.

The Ministry of Finance of Georgia has started laying the groundwork for issuing its debut Panda bond in China, multiple sources have told GlobalRMB.

Ethan Farbman, Morgan Stanley’s co-head of Asia Pacific fixed income capital markets, will be leaving in the summer, triggering a number of changes at the bank, according to sources.

State-owned China Power International Development (CPID) is heading to the onshore bond market for Rmb2bn ($312.4m) of funding. The Hong Kong-incorporated borrower wants to attempt its first Panda since 2016, but it needs regulatory approval first.

Foxconn Industrial Internet (FII) has pulled off China’s largest A-share IPO in three years after winning demand from the country’s tech titans.

China Energy Reserve & Chemicals Group Co (CERCG) said on Sunday evening that it has officially defaulted on its dollar bonds, marking the third offshore default from Greater China in recent weeks. Markets participants are not stressing about it though, but are instead optimistic about a strong week for primary and secondary markets.

Former Nasdaq-listed iDreamSky Technology Holdings has filed for an IPO in Hong Kong, two years after it was taken private.

The banking and insurance watchdog sets new indicators to measure Chinese bank liquidity, premier Li Keqiang says markets must have a bigger role in allocating resources, and Bank of China’s data shows offshore renminbi bond yields rising above onshore counterparts.

China Overseas Grand Oceans Group (Cogo) raised a larger than expected $500m from a three year bond on Thursday, a week after pulling a 2023 transaction. Future Land Holdings Co also managed to woo investors to a $200m tap.

China’s central bank commits to better communications with market participants, the China Securities Regulatory Commission says it will do more to support green development in the capital markets, and the government announces upgrades for three free trade zones.