Greater China

Lao Feng Xiang Jewellery Hong Kong is dipping its toes into the offshore syndicated loan market for a $200m financing. This is the second firm in the Chinese jewellery sector to tap overseas investors this year.

Far East Horizon is making a rapid comeback with an $800m fundraising just two months after allocating an identical loan, confident that banks will gobble it up.

BOC International and Jefferies have announced an agreement to jointly provide investment banking advisory and capital markets services to clients, according to a Tuesday press release.

Rabobank has priced a Rmb500m ($79m) offshore renminbi bond, taking advantage of a favourable CNH cross-currency swap rate. But despite the gradual pick-up in dim sum activity, the market is divided over whether the asset class will maintain its momentum.

Hong Kong Exchanges and Clearing (HKEX) has signed a memorandum of understanding with New Zealand’s primary national stock exchange operator NZX to foster collaboration on a variety of issues.

Fitch Ratings has exited its joint venture in China. But far from being a step back, the move could allow the firm to set up a fully owned business. Although Fitch operated in the market for a decade, it was previously forced to play second fiddle to its local partner, said a source.

Property developer China Evergrande Group opened books for a HK$23bn ($2.9bn) perpetual convertible bond on Tuesday evening, a deal that was much sought after by banks.

Future Land Development Holdings and Powerlong Real Estate Holdings sold their respective equity-linked notes with almost similar results on Monday. Both deals were fully increased and priced near the investor-friendly end of terms.

Poly Real Estate Group Co, the investment-grade property arm of government-owned China Poly Group Corp, ended an near four year bond hiatus with a tightly priced transaction on Monday. But a volatile market and an aggressive narrowing in pricing caused a drastic drop in orders.

Chinese company Shandong Linglong Tire Co has chosen dollars and euros for its maiden overseas fundraising.

Recent heavy supply in the Asian dollar bond market has found its first victim in Yango Group Co, which called off a planned $250m deal on Monday. While the Chinese developer’s high leverage raised some concerns, volatility in US Treasuries also played its part in the underwhelming demand.

Chinese conglomerate Ping An Group is planning to spin off its healthcare technology subsidiary through a potential $1bn IPO this year on the Hong Kong Stock Exchange, according to a source close to the deal.