Greater China

A large sell-off over the past two months in the dollar bonds of embattled China Huarong Asset Management took a turn last week, as news around the firm’s financial health buoyed secondary market performance.

Deutsche Bank has made three senior hires to its coverage teams for China and Australia.

In this round-up, China’s banking and insurance regulator sets rules on the sale of wealth management products, and Goldman Sachs is finding fresh opportunities in the Mainland through a tie-up with its largest lender.

Geely Automobile Holdings’ 80%-owned Genius Auto Finance is returning to China’s onshore market with a Rmb4.5bn ($705m) ABS next week, three months after getting away with an aggressive pricing for its first transaction of 2021.

Financial services company Far East Horizon has made its second visit to the equity-linked market, selling $250m of five year convertible bonds.

Shandong Finance Investment Group Co sold its first dollar bond this week. Its $500m deal was heavily supported by a large syndicate team.

Hong Kong property company New World Development Co sold a perpetual bond this week, raising $1.2bn to fund a tender offer for a fixed-for-life deal.

Times China Holdings, Yango Group and Greenland Hong Kong Holdings, all of which are real estate developers, raised $840m between them from the bond market on Thursday, continuing a recent revival in issuance from the sector.

Investment firm China Renaissance Holdings has closed its debut offshore borrowing of $300m.

The Asia Pacific Loan Market Association, a trade body, has appointed Pedro Cheung as its new chairman.

ING has appointed a new country manager for Hong Kong and China, succeeding veteran banker Aart Jan den Hartog, who is leaving the Dutch firm at the end of June.

Hong Kong was once renowned for its nightlife, but Covid-19 and its restrictions have killed the legendary carousing in SoHo and partying in the infamous establishments of Wan Chai.