Greater China

A recent bout of volatility in the secondary trading of Chinese high yield bonds means supply from lower-rated credits is expected to remain muted over the next few weeks. While stability has returned to the debt market, investors remain cautious, writes Morgan Davis.

After nearly a year without any travel, many of us have become desperate to leave the gilded cage of Hong Kong. I, for one, would give anything to be able to laze on the beaches of Thailand with a Piña Colada in my hand — if I could only avoid the three-week quarantine on my return to Hong Kong.

The logistics unit of Chinese internet company JD.com is planning to list in Hong Kong through a multi-billion-dollar IPO.

The Hong Kong regulator’s plan to overhaul the bookbuilding and allocation process for equity and bond deals has some worthy goals. But it is unnecessary for a market that has proven able to clean its own house.

Japan's NEC Corp offloaded its remaining stake in Hong Kong-listed Hua Hong Semiconductor on Tuesday, raising HK$5.69bn ($733.9m).

Taiwanese leasing company Chailease International Finance Corp has made a quick return to the loan market through its Singapore entity.

Chinese teahouse chain Nayuki Holdings has set its Hong Kong IPO in motion, having dropped an earlier plan to list in the US.

Dollar bonds from high yield Chinese real estate companies tightened in the secondary market on Tuesday, after plummeting in the run up to the Lunar New Year break amid news from firms under liquidity pressure.

Mainland China-listed Joinn Laboratories has begun bookbuilding for its up to HK$6.54bn ($843.9m) Hong Kong IPO, becoming one of the first companies to hit the equities market following the Chinese New Year break.

Six Chinese companies sold Rmb6.4bn ($994m) of ‘carbon neutrality bonds’ this week, supporting Beijing’s goal of net zero carbon dioxide emissions by 2060. The format could lead to a spike in international investor interest in China’s debt market. Addison Gong reports.

Hong Kong’s Securities and Futures Commission (SFC) is planning to bring in sweeping changes to rules governing equity and bond deals, requiring syndicate teams to be fixed earlier and fee structures to be disclosed. The moves have divided bankers. Jonathan Breen and Morgan Davis report.

New Horizon Health, a medical device manufacturer, has scooped up HK$2.04bn ($263.4m) from its IPO after strong institutional investor demand pushed pricing up to the top of the marketed range.