Greater China

The China Securities Regulatory Commission (CSRC) has approved the appointments of a number of directors at JP Morgan’s new China securities joint venture, including its head of investment banking.

The liquidity situation at China’s Qinghai Provincial Investment Group Co has taken a turn for the worse after the company missed a dollar bond coupon last week. A treasurer at the government-owned issuer denied media reports that it made the overdue payment last Friday.

Credit Suisse has merged its loan and bond syndicate teams into a new unit effective late last week, according to a source close to the situation.

China’s Joy City Property has returned to the loan market for an up to $800m facility.

In this round-up, the tit-for-tat trade tariff situation between the US and China escalated over the weekend, and the People’s Bank of China (PBoC) issued detailed rules for benchmarking mortgage borrowers to the recently unveiled loan benchmark rates.

The Securities and Exchange Commission has accused Deutsche Bank of hiring relatives of executives of state-owned enterprises (SOEs) in the Asia Pacific and Russia, in order to win business from those entities.

Mengniu Dairy, a Hong Kong-listed Inner Mongolia-based dairy and ice cream manufacturer, churned out its second Rmb1bn ($141m) super-short term commercial paper on Thursday.

In this round-up, Ren Zhengfei warns employees of Huawei’s fragile situation, Hong Kong tension rages and Goldman Sachs is working to become the third foreign bank to have a majority-owned JV onshore

In this round-up, the US gave Huawei another three months to buy supplies from US companies, the Chinese government revealed plans to turn Shenzhen into ‘a demonstration area of socialism with Chinese characteristics’ and Japan replaced China as the largest holder of US treasuries

Universal Scientific Industrial (Shanghai) (USI), a subsidiary of Taiwan’s Advanced Semiconductor Engineering, is making its debut in the offshore market for a $300m-equivalent loan.

China’s central bank has shaken up the way banks quote lending rates, reforming an interest rate benchmark to more closely track the market. But onshore bankers expressed doubts about the move. Rebecca Feng reports.

Yanlord Land Group offered a welcome bit of supply in Asia’s otherwise tepid bond market this week, breaking the silence to raise $400m from just its third dollar deal in eight years.