China

The China Securities Regulatory Commission (CSRC) publishes plans to bring overseas-listed tech companies back to the Chinese equity market through depository receipts, policymakers emphasise the need to safeguard against systemic financial risks, and the Ministry of Commerce slaps tariffs on US goods.

China is embarking on a trial programme to woo its homegrown technology giants, publishing guidelines for a China Depository Receipt (CDR) listing in the A-share market.

Debt bankers in Hong Kong were back after a four-day Easter break on Tuesday to some disappointing issuance numbers from the first quarter of the year. But with a decent pipeline of deals, they are keeping their fingers crossed for a pick-up in activity.

Baidu-backed video streaming platform iQiyi has raised $2.25bn after pricing its Nasdaq IPO at the mid-point of guidance, according to a banker close to the deal.

Chinese government-owned Shougang Group Co spotted an opening in the debt market on Wednesday to execute an opportunistic $500m trade. It opted for a short tenor to speed up the process, while also satisfying investors’ preference for shorter-dated notes.

China’s National Development and Reform Commission (NDRC) and Hong Kong have signed an economic partnership agreement, solidifying Hong Kong’s role in the Mainland’s international fundraising activity.

International investors have long been forced to focus on the short end of the credit curve and government securities in China given the lack of tools to evaluate risk. But that could change with the relaxation of foreign credit rating agencies’ business scope in the country, market participants told the Euromoney China Debt Capital Markets Summit on Wednesday.

Chinese smartphone and laptop maker Lenovo Group has sealed a $1.5bn borrowing from 21 lenders, according to bankers.

German car manufacturer Daimler and Chinese auto rental company Car debuted in the offshore renminbi market this week, raising Rmb1.4bn ($223.2m) between them.

China’s GreenTree Hospitality Group had to navigate a tough market this week to wrap up its US IPO as volatility spiked and its closest comparable tanked in the secondary market. To pull off its float, the issuer had no choice but to concede on price and size, writes Jonathan Breen.

International investors will be getting a more transparent look at China’s domestic green bonds, following a new initiative from the Luxembourg Stock Exchange (LuxSE) and the Shanghai Clearing House.

Chinese banks appear to be taking a step back from lending aggressively after a rise in funding costs and tightening onshore liquidity combined to put pressure on their balance sheets. As they become more selective, there will be winners and losers in the loan market, writes Pan Yue.