Greater China

China’s Tahoe Group has failed to repay a second domestic bond. The company has announced a potential share sale to China Vanke Co, but the deal will not be a bail-out ─ Vanke has made clear it will not take on the company’s debt.

The Chinese Ministry of Finance and two other national regulators have concluded their investigations into fraud at Luckin Coffee. They will now impose administrative penalties.

In this round-up, Chinese financial institutions are given another year to comply with new asset management rules due to the Covid-19 pandemic, Luckin Coffee will be punished by the Ministry of Finance for inflating its sales figures, and Ant Group faces a potential antitrust probe that could derail its upcoming jumbo IPO.

China Grand Pharmaceutical and Healthcare Holdings has tapped the equity capital market for HK$1.01bn ($130.9m), boosting its share price over 20% as a result.

Chinese state-owned commodities trader Tewoo Group Co, which has been under financial pressure for more than a year, is facing a possible restructuring.

Social and sustainability bonds have blossomed in Asia amid the Covid-19 pandemic, with debt bankers expecting more supply from the asset class for the rest of the year.

Each week Keeping Tabs beings you the most interesting and entertaining reading from around the web that we have uncovered. This week, the perils of the EU recovery fund through the lens of the subject of Broadway's hottest show, a menacing whiteness of swans and a grim view of Hong Kong's future in finance.

In this round-up, China emphasises proactive fiscal policies and flexible monetary policies, Hong Kong disqualifies a dozen pro-democracy candidates from the upcoming legislative council election and the Ministry of Finance tells local governments to use up their special-purpose bond quotas by October.

In this round-up, China’s July Purchasing Managers’ Index (PMI) numbers indicate recovery, Chinese video-sharing company TikTok is under a US national security review and Hong Kong-listed CanSino Biologics is set for a secondary listing on Shanghai’s Star board.

Hangzhou Tigermed Consulting is set to pocket HK$10.7bn ($1.38bn) from its Hong Kong secondary listing, with solid support from Chinese and global investors driving final pricing to the top of guidance.

Redco Properties Group offered investors a hefty 11% coupon for its new bond on Thursday, using up the last of its offshore fundraising quota to raise $220m.

GLP and First Abu Dhabi Bank both tapped investors in the renminbi bond market on Thursday. The Singapore-based logistics facilities provider took Rmb200m ($28.6m) from a Panda while the Middle Eastern firm headed to the Formosa market.