Northeast Asia

AK Medical Holdings has raised HK$803m ($103m) from a top-up placement of new shares that was launched on the back of a near 80% jump in its stock price year-to-date.

BMW Automotive Finance’s Rmb8bn ($1.14bn) dual-tranche return to the Chinese auto ABS market this week was a success. The tight pricing is expected to allow other issuers to also lower their coupons, said bankers on the deal.

Chinese delivery services company SF Express is planning to repay a HK$5bn ($640m) loan sealed in September 2019 with the proceeds of a longer tenor bond issued last week.

China Forestry Group, a state-owned company that cultivates and manages forest reserves in the country, has closed its $145m loan with four banks.

China Huarong Asset Management Co courted investors with a four-tranche deal this week, mixing fixed and floating rate tranches.

The spread of the coronavirus led to a farcical robbery this week. Call it the lighter side of social breakdown.

Local government bond issuance in China had a record start in 2020, until the Covid-19 outbreak put a dent in the pace of deals. While new transactions announced by a number of provinces this week have signalled a revival, bond issuance alone may not be enough to fill a gap in governments’ funding needs. Addison Gong reports.

Chinese corporations bombarded investors with new bond options on Wednesday, allowing three issuers to raise $625m between then. Hong Kong-based asset manager ESR Cayman joined the fray in Singapore, grabbing S$225m ($161.55m).

Chongqing Rural Commercial Bank is set to become the first rural commercial bank in China to set up a wealth management subsidiary, joining 16 larger banks that have already entered the industry.

The Chinese regulator’s decision to loosen rules around follow-on offerings in the domestic market has brought a resounding vote of approval from corporations. In just four days, 46 companies have set out plans to tap the equity capital market.

One of Peking University Founder Group Co’s creditors has applied to a Chinese court for a restructuring of the company, which defaulted on a Rmb2bn ($285m) domestic bond at the end of last year.

China’s Powerlong Real Estate Holdings is returning to the international loan market to refinance some of its debt, mandating one bank to lead the deal.