China

Chinese micro-lender Qudian has bagged $900m from its US listing, after robust demand allowed it to price the stock above the initial range, according to a banker close to the deal.

Four Chinese corporations priced a total of $1.175bn of bonds on Tuesday, the day before the start of the Communist Party’s five-yearly congress.

China will allow the markets to have a greater influence on the renminbi’s exchange rate, Xi Jinping, president of China, said in the opening speech of the 19th Communist Party Congress on Wednesday.

China’s economic growth will do little to help promote renminbi internationalisation, according to an October 17 report by Swift. The comment came as the renminbi falls to eighth place in the league table of the world’s most used payment currencies.

China Merchants Bank has named the leads on its proposed dollar additional tier one transaction, two months after receiving regulatory approval.

China Construction Bank Corp closed its first Singapore dollar bond on Monday, taking advantage of the thriving local currency market in southeast Asia.

Jiangsu Nantong Sanjian Construction Group Co (JNTC) has named banks to run its first dollar bond transaction. Separately, Chinese privately-owned company Yihua Enterprises (Group) Co has sealed its maiden international deal, raising $250m on Monday.

Xi Jinping's first term has seen a series of concrete steps taken towards opening up the country's capital markets. With the five-yearly Party Congress starting this week, it is now time for China's leadership to take the leap from granting access to giving global investors real influence on the market.

Shandong Marine Group is marketing its inaugural international Reg S bond, while LVGEM (China) Real Estate Investment Company reopened its 2020s priced two months ago to fund new property projects.

Chinese commodity trader Tewoo Group and retail chain operator Maoye International Holdings are in the market with bonds of less than a year, getting ahead of the Chinese Communist Party’s National Congress meeting that will kick off from Wednesday.

China Development Bank Financial Leasing Co began marketing a dual-tranche dollar bond on Tuesday morning local time, as a number of issuers attempt to get ahead of China’s 19th National Congress of the Communist Party meeting taking place on Wednesday.

Baidu-backed iQiyi, a video streaming platform in China, has selected three banks to prepare an IPO in the US, which is expected to raise $1bn-$2bn, according to a banker close to the deal.