Greater China

China’s challenger to Starbucks, Luckin Coffee, has raised $979.6m after increasing the size of a combined sale of new shares and a convertible bond, the first tap of the ADS equity-linked market in 2020.

In this round-up, the Chinese Ministry of Finance (MoF) transferred 10% of its shares in three large commercial banks to the state-owned social security fund, the Shenzhen Stock Exchange is set to welcome a new chairman and the US treasury secretary has denied rumours of inaccurate translation of the phase one trade deal.

In this round-up, Chinese vice premier Liu He will visit Washington DC next Monday until Wednesday, the State Administration of Foreign Exchange sends its deputy administrator to Guangdong and the Financial Stability and Development Committee reaffirmed the importance of small and medium-sized enterprises.

In this round-up, China’s December consumer price index inflation flattened, Anhui-based Huishang Bank is considering taking over 15% of Baoshang Bank and Industrial and Commercial Bank of China is set to sell Rmb80bn ($11.5bn) of offshore perpetual bonds and onshore tier two bonds this year.

Mainland-based property developer Sunac China Holdings has raised HK$8bn ($1.03bn) after issuing a chunk of new shares.

Improved market conditions and a more realistic pricing target allowed a failed deal in December from a local government financing vehicle (LGFV) to sail through this week, while two more property developers joined an offshore funding spree from the sector.

Jiumaojiu International Holdings bagged HK$2.2bn ($283.3m) this week from its IPO after bulging retail and institutional books pushed pricing to the top of guidance, according to a source familiar with the matter.

MUFG Bank has hired a veteran Citi banker to lead its corporate banking business in China.

Bank of China kicked off the year’s supply from Asian lenders by raising close to $2.5bn from three senior bonds in dollars and euros.

Chinese technology company Tencent Holdings is set to sign a €1bn club loan to support its acquisition of a stake in Universal Music Group.

Yuexiu Transport Infrastructure, a Hong Kong-listed investor and operator of highways and bridges in China's Guangdong province, sealed its second Rmb1bn ($144m) Panda bond on Thursday.

JP Morgan has issued a $575m synthetic bond exchangeable into the American depositary receipts of Alibaba, the Chinese e-commerce company.