Northeast Asia

Chinese property companies continued to pile in to the dollar bond market on Wednesday, with Radiance Group Co and Powerlong Real Estate Holdings using up their remaining fundraising quotas.

Chinese e-commerce company JD.com is set to raise HK$30.1bn ($3.87bn) from its Hong Kong secondary listing, according to a source familiar with the matter.

China Mengniu Dairy Co hit the debt market straight after a profit warning, but still managed to attract investors to its $800m dual-tranche bond, tightening pricing on both portions by 80bp.

HSBC and Standard Chartered are facing a backlash from investors and politicians after publicly supporting China’s planned security law for Hong Kong.

The debt restructuring at China’s Peking University Founder Group is set to be a test case for offshore bonds backed by keepwell agreements, a structure often favoured by many mainland borrowers. The outcome of the restructuring looks set to influence the use of keepwell structures ─ and how these deals price.

There are many reasons to like Hong Kong, despite the goings-on in the city these days. I should know, having lived here for many decades.

Belle International is selling a block of shares in its sportswear subsidiary, Topsports International Holdings, according to a term sheet seen by GlobalCapital Asia.

Hong Kong’s renowned activist investor David Webb revealed this week that he has been diagnosed with cancer and will be taking a step back from his regular critiquing of governance and regulation in the city.

58.com, a Chinese company that focuses on online classified advertisements, is in talks with banks in the country for a financing package of $3bn to support its take private.

Chinese real estate companies China Fortune Land Development and Ronshine China Holdings raised a combined $550m in the bond market on Tuesday, but their tight pricing did not appeal to all investors.

China’s two major stock exchanges have published guidelines on how bond issuers should change the coupons on outstanding deals, reacting to a wave of coupon reductions that occasionally led to confrontations between investors and issuers.

SK Biopharmaceuticals has begun bookbuilding for its up to W959.3bn ($804.9m) IPO. It is set to be South Korea’s first listing in 2020.