Greater China

There is not enough flash in the markets anymore. After a whole generation of Silicon Valley geniuses made billions while dressed like stoned teenagers, style and panache seem to have taken a back seat. Thank heavens for the old guard.

Cryptocurrency mining company Bitmain Technologies Holding Co has joined a growing number of companies from the sector aiming for a Hong Kong IPO.

Qinghai Provincial Investment Group Co successfully redeemed its $300m bond this week, giving a boost to its entire secondary curve and ending months of speculation about a possible default. But its debt-related troubles are not over just yet, writes Addison Gong.

The People’s Bank of China has made long-awaited changes to its Panda bond guidelines, offering clarity to issuers that had previously been forced to deal with ambiguity and confusion. But bankers say the changes do not go far enough. Rebecca Feng reports.

Cifi Holdings Group Co added $300m to its existing 2022 bonds on Wednesday as it got ahead of the expected supply pipeline, but the real estate company was forced to pay a juicy premium for the deal.

Asian equities showed mixed responses to the increase in the federal funds rate announced by the Federal Open Market Committee (FOMC) on Wednesday night, while bonds in the region held up reasonably well. But there are worries that the pace of rate hikes until the end of 2019 might be too aggressive.

The People’s Bank of China has finally made clear what it will take for foreign institutions to issue RMB bonds in China. There are subtle differences across many areas, but the regulators did relax rating requirements and eligible accounting standards.

Qinghai Provincial Investment Group Co is expected to be able to redeem its $300m bond that matured on Wednesday, ending months of speculation about its ability to meet its debt obligation.

Luxury auto dealership China Zhengtong Auto Services is seeking an up to $150m three year loan, offering banks margin and fees that are identical to a borrowing sealed in January.

Midea Real Estate Holdings has launched its Hong Kong IPO, which could raise up to HK$3.87bn ($495.4m).

Chinese scooter maker Niu Technologies is planning to float on the Nasdaq for up to $150m, filing a prospectus with the US regulator on Monday.

Ganfeng Lithium is enticing investors to its HK$5.3bn ($678.9m) Hong Kong IPO by pitching it at a juicy discount of as much as 55% to its Shenzhen-traded shares.