Greater China

Chinese outdoor leisure products developer Bestway Global Holding is tapping the offshore loan market for the first time for an up to $150m borrowing.

Hainan Airlines, a unit of embattled HNA Group, offered a generous 12% coupon for its $100m notes on Wednesday, reflecting the limited appeal among investors for the Chinese credit.

Foreign appetite for China’s ABS market is growing fast, although the trade war and market infrastructure still pose challenges, according to panellists at IMN’s first Asian Structured Credit Summit on October 24.

Two Chinese state-owned enterprises (SOEs), China Petrochemical Corp (Sinopec) and State Power Investment Corp (SPIC), picked a short-lived issuance window to raise a combined $1.07bn on Wednesday.

China Gas Holdings doubled the size of its Panda bond to Rmb2bn ($288m) on Wednesday, thanks to strong demand from investors, according to bankers.

Global equity markets were slammed this week, with a rout on Wednesday wiping out all the gains this year in the US. Amid the turmoil, a handful of technology firms were awaiting approvals to list in Hong Kong — some are expected to take a cautious approach but most are gearing up for a last-minute dash to find a closing IPO window. Jonathan Breen reports.

A long-touted equity link between London and Shanghai is set for take-off by the end of the year, but the most unsurprising news to emerge is HSBC’s plan to use it for a Mainland listing. China now has an excellent chance to get its act together on Chinese Depositary Receipts.

Chinese automotive marketplace TuanChe is planning to float on the Nasdaq for up to $150m, filing a draft prospectus with the US regulator on Tuesday.

Xinyi Glass has dropped a non-financial covenant on its HK$750m ($96m) borrowing, which was launched into general syndication in August.

Goldman Sachs has named Todd Leland as head of investment banking division (IBD) for Asia Pacific ex-Japan, as his predecessors Andrea Vella and Kate Richdale step up to become co-chairs for the region.

Bank of China Hong Kong Asset Management (BOCHK AM) is targeting risk-averse investors with a new onshore-offshore fund that focuses on short-term paper.

Beijing Huatu Hongyang Education & Culture Corp has revived its Hong Kong IPO plans, refiling a draft prospectus with updated financial information.