Greater China

Chinese local government financing vehicle (LGFV) Nanjing Jiangbei New Area Industrial Investment Group closed a club-style $300m bond on Monday.

Chinese investment banks have a clear edge over their global counterparts when it comes to winning more offshore bond mandates from the country in the post Covid-19 environment.

The Asian Infrastructure Investment Bank has started roadshows for its maiden Panda outing ahead of its planned launch in early June, GlobalCapital China has learned from sources. Part of the proceeds from the Rmb5bn ($703m) deal will be used to fund an emergency Covid-19 relief loan to China.

One of China’s most powerful bond market regulators has issued a warning to Industrial Bank and Citic Securities, after the two banks accepted an underwriting fee the regulator said was “far below” market standards.

In this round-up, the chairman of China’s top securities regulator says the country will step up on its crackdown of fraudulent behaviour in the financial market, and the governor of the People’s Bank of China (PBoC) talks about policies to overcome the impact of the pandemic.

Hong Kong jewellery company Chow Tai Fook is taking a flexible approach to its loan market return during the Covid-19 pandemic, giving banks seven participation levels to choose from.

Kintor Pharmaceutical has notched another success for the healthcare sector, raising HK$1.86bn ($240m) from its IPO after pricing the deal at the top of the marketed range.

In this round-up, China releases better-than-expected credit data for April, both consumer and producer inflation numbers ease onshore, and the central bank sells Rmb30bn ($4.23bn) of renminbi bills in Hong Kong.

In this round-up, the relationship between the US and China deteriorates, the US warns its pension fund against investing in Chinese equities, and Mainland regulators vow to develop the financial markets of the Greater Bay Area.

Zhenro Properties Group has ended the long absence of Chinese property companies from the dollar bond market, raising $200m from a transaction that was more than 10 times oversubscribed at its peak.

Chinese stocks are in Donald Trump’s firing line again, after the US president announced he is “looking very strongly” at any companies not following local accounting guidelines.

Fitch Ratings has won a licence to rate domestic bonds in China, becoming only the second foreign firm to get access to the Rmb103tr ($14.6tr) market.