Greater China

Nasdaq-listed China XD Plastics Co has signed a $180m two year financing after a senior syndication phase that lasted a month.

HSBC’s head of Hong Kong/China equity research Steven Sun said in a media briefing on Monday that the impending launch of the Shenzhen Hong Kong Stock Connect scheme is likely to trigger a huge increase in the foreign ownership of Chinese stocks.

Asian debt capital market bankers are advising bond issuers to hit the market sooner rather than later in September, on the back of indications from the Federal Reserve that the case for an increase in rate hike had “strengthened in recent months”.

A subsidiary of Lee & Man Paper Manufacturing has signed loans worth HK$4bn ($515.6m) to refinance debt, including bilateral loans, and for general corporate funding.

Jiangsu NewHeadLine (NHL) Development Group has returned to the debt market just months after making its debut, with the Chinese local government financing vehicle tapping its January notes.

Citi is set to lose its head of Asia Pacific debt syndicate in Hong Kong, as Duncan Phillips is leaving to join financial services technology firm Ipreo.

Last week's comments from Fed Chair Yellen have increased US rate hike expectations, supporting upward momentum in long CNY swap rates and a steeper curve. Sources say the move is likely to be short lived and that domestic data will provide direction again later this week, writes Deirdre Yeung of Total Derivatives

Rici Healthcare Holdings, which delayed bookbuilding for its $200m IPO in Hong Kong due to Brexit, plans to make a comeback at the end of September or early October, said sources.

Crédit Agricole has strengthened its Hong Kong operation with the appointment of a new senior country officer.

Postal Savings Bank of China is set to kick off investor education for its $8bn IPO after the Hong Kong Stock Exchange approved its plan on Thursday.

In this round-up, CIMB signs a custodian deal with China Construction Bank to facilitate investments into China, Asian Infrastructure Investment Bank (AIIB) plans membership expansion and the China Foreign Exchange Trade System (CFETS) starts publishing daily exchange rates for the RMB against the British pound, euro and Japanese yen. Plus, a recap of GlobalRMB’s top stories this week.

Baoxin Auto Group has hiked the size of its latest borrowing to $750m from $550m, after its acquisition by China Grand Auto made the deal more appealing, according to bankers.