Northeast Asia

After the global eruption of the coronavirus pandemic, issuers such as governments, central banks and companies have been prompted to create new strategies to tackle the negative effects. Banks have also recently begun issuing labelled bonds linked ot their Covid responses.

The Shanghai Stock Exchange has clarified rules around red-chip companies listing on the Star board, shedding light on some areas that have previously confused bankers in China.

Hong Kong-listed oil company Hilong Holding pushed back the exchange deadline for its 2020 bonds again on Monday, leaving the issuer with a short window to get the deal wrapped up before the notes mature on June 22.

Hotelier Finance, a subsidiary of Hong Kong-based property company New World Development Co, is seeking consent to skip covenant tests until June next year as it deals with the impact of the Covid-19 pandemic on its business.

Burning Rock Biotech, a cancer detection and therapy company, has opened books for its up to $209.3m Nasdaq IPO following a hot week for Chinese listings in the US.

Chinese e-commerce company JD.com covered its Hong Kong secondary listing within a few hours of opening bookbuilding late last Friday evening, with orders continuing to pour in on Monday.

In this round-up, China releases a white paper detailing the country’s efforts in fighting the Covid-19 pandemic, trade surplus surges in May as imports plunge, and the Mainland’s foreign currency reserves are better than expected.

China Aircraft Leasing Group Holdings is navigating difficult conditions in the syndications market for a $46m new money loan, as lenders step back from the pandemic-hit aviation industry.

Hong Kong-based Nan Hai Corp made a rapid return to the bond market on Thursday, raising $350m.

Zhenro Properties Group and Seazen Group took advantage of a lack of high yield dollar bond supply in Asia to raise $600m between them on Thursday.

Two foreign issuers and a red-chip company tapped China’s onshore renminbi bond market this week, taking home Rmb6.2bn ($875m). Two more red-chip borrowers are waiting in the wings, with their deals slated for next week.

Chinese online game developer NetEase has raised HK$21.1bn ($2.7bn) from its secondary offering in Hong Kong, riding on strong investor support for its listing, according to a senior banker on the deal.