Haitong Securities

China’s Hebei Construction Group is preparing to launch its potential $300m Hong Kong IPO on December 4, according to two sources close to the transaction.

Srei Equipment Finance, a wholly-owned subsidiary of Srei Infrastructure Finance, filed a draft prospectus for its IPO with the Indian market regulator on Tuesday.

Shandong International Trust has brought in five Chinese cornerstone investors to take up just under half of its HK$3.5bn ($449.8m) IPO in Hong Kong.

Shandong International Trust is set to be a test case for international investor interest in Chinese trusts, as it readies the first such IPO on the Hong Kong Stock Exchange. The sector’s opaque nature will pose a challenge, but if the company pulls off a successful listing, it will open the doors for others to follow, writes Jonathan Breen.

Times Property Holdings sealed a $300m deal on Wednesday in a market that continued to prove difficult, while Orient Securities raised $500m from a 2022 bond to keep its investor base alive.

Investment grade issuers China State Construction International Holdings and Shenzhen International Holdings raised $800m and $300m, respectively, on Tuesday. But their bonds struggled to perform in secondary due to lingering softness in the market.

The barrage of Chinese debt issuers in the dollar market continued on Wednesday as four issuers ventured out with new bonds.

Shandong International Trust Co is preparing to open books for its Hong Kong listing on November 27, having found enough anchor and potential cornerstone investor demand after two days of pre-marketing to cover the IPO, according to a banker working on the deal.

Chinese issuers are storming the debt market this week, with Tuesday seeing the Export-Import Bank of China (Chexim), Shanghai Commercial Bank and Oceanwide Holdings Co among the borrowers enticing investors.

China’s Shandong International Trust Co is set to begin investor education for its Hong Kong listing, according to a banker close to the deal.

Chinese issuers Xinyuan Real Estate Co and Hong Yang Group Company are attracting bids for new dollar transactions, while Oceanwide Holdings Co is set to hold a two-day roadshow in Hong Kong.

China South City Holdings and Wuhan Dangdai Science & Technology Industries (Group) Co grabbed a total of $600m from bonds on Monday, navigating a weak market backdrop to close their deals.