Greater China

Chinese electric car maker Nio launched its US IPO, looking to pocket up to $1.3bn amid strong interest from investors for stocks in the sector.

Agricultural Bank of China’s Hong Kong-based subsidiary got its first taste of the onshore bond market — and its policy-inspired volatility — as the Chinese central bank tightened bond underwriting rules and statements from the finance ministry led to a spike in supply of local government debt.

Signs of a revival in primary bond market activity were evident on Tuesday when four Asian issuers ventured out for new dollar transactions, setting the stage for what is set to be a busy September.

China’s impending Panda bond framework offered the country a chance to sort out a messy approval process that deters all but the most dedicated issuers. Instead, the country doubled-down on chaos.

HNA Group-owned Haikou Meilan International Airport’s international bond went on a rollercoaster ride in the secondary market on Monday, after the company missed the payment deadline on an onshore bond.

Impro Precision Industries revived its Hong Kong IPO plans on Monday, resubmitting its listing documents to the exchange.

Zhejiang New Century Hotel Management, a unit of Chinese billionaire Chen Miaolin’s New Century Group, has filed for an IPO in Hong Kong.

CPI Ronghe Financial Leasing, a subsidiary of State Power Investment Corp, has made a quick return to the loan market for $300m, nine months after signing its last borrowing.

Chinese property developer Wuzhou International Holdings has failed to redeem a $100m convertible bond as well as part of a Rmb500m ($73m) onshore note, announcing the breaches just months after defaulting on a $300m bond.

The People’s Bank of China brings back old policy to control RMB exchange rate, mainland and Hong Kong authorities set the date for launching investor ID for northbound Stock Connect transactions, and the Chinese securities watchdog allows foreign investors to take majority stakes in futures companies.

It has been more than a decade in the making, but China is said to have at last finalised draft guidelines for Panda bond issuers, giving the market some much-needed clarity. But questions still remain, especially around the repatriation of proceeds. Paolo Danese reports.

Australia bars Huawei and ZTE from providing 5G services in the country, Malaysian leader pulls country out of Belt and Road projects, and the Shanghai Stock Exchange hosts the issuance of the first local government bond with a tenor of 20 years in China.