Greater China

China National Chemical Corp (ChemChina) is raising multiple bilateral loans worth about $3.85bn to refinance a deal maturing in early May, ditching syndication in favour of one-on-one agreements with banks. But while the cost benefits may be appealing, such an approach by borrowers is unlikely to be sustainable in the longer run. Pan Yue reports.

Taiwan Semiconductor Manufacturing Company (TSMC) rolled out a triple-tranche dollar deal on Tuesday, raising $3.5bn just a few months after sealing a similar transaction.

Natixis has made a handful of hires to its global markets team in Asia Pacific, to support its corporate and investment banking business in the region.

The controlling shareholder of Anta Sports Products has offloaded some of its stake through a HK$11.57bn ($1.49bn) block trade, capitalising on recent gains in the sportswear company’s stock.

Food delivery giant Meituan has raised close to $10bn from an overnight sale of shares and convertible bonds, getting solid interest from investors and raising money to ramp up its investment into the technology part of its business.

The shock from the stunning slump in China Huarong Asset Management Co's dollar bonds may have eased slightly, following a rally this week after supportive comments from the Chinese government. But the incident should trigger a more critical look at the risks and rewards of buying state-owned international bonds.

Hong Kong-listed ESR Cayman, a logistics real estate company, has raised a $400m dual-tranche borrowing.

Putian State-Owned Assets Investment Co (PTSI) sold its first dollar bond this week, raising $180m.

US-listed Zai Lab and Futu Holdings are tapping the equity market for funds through follow-on offerings, with both the Chinese companies launching their transactions after a rally in their stock price.

China-based Herald International Financial Leasing Co, a unit of BMW Group, has returned to the onshore securitization market. It switched to a straightforward two-tranche structure for the Rmb3bn ($461m) auto lease asset backed notes (ABN), pricing the senior tranche at a competitive spread.

Ping An International Financial Leasing, a wholly-owned subsidiary of China’s Ping An Group, is casting a wide net for its $500m loan comeback, in a bid to diversify its financing sources — and its banking relationships.

The Chinese securities regulator and the Shanghai bourse have boosted requirements on Star market IPO candidates’ technology credentials, banning the listing of financial and investment companies and tightening scrutiny on financial technology firms.