Northeast Asia

China’s Wolong Electric Group has closed its €150m debut offshore borrowing with 14 lenders.

China’s move to remove the quota limits on the Qualified Foreign Institutional Investor (QFII) and renminbi QFII (RQFII) schemes could help in the long-term development of the country’s financial market. But this is not nearly enough. If the regulators want to see some serious change, they need to tackle two key hurdles facing foreign investors.

Agricultural Bank of China’s Singapore branch has sold the tightest three year floating rate note (FRN) from a big four Chinese bank, adding $500m to its coffers.

The Hong Kong Exchanges and Clearing’s (HKEX’s) proposition to acquire the London Stock Exchange Group last week was nothing short of bewildering. Instead of showcasing the HKEX’s ambition with such a bid, the move has only served as an embarrassing reminder of the bourse’s shortfalls.

Socam Development, part of the Shui On Group, became a victim of a weak market backdrop this week, pulling a planned dollar bond after investors balked at its pricing expectations. Addison Gong reports.

Chinese logistics company Best has sealed a $175m convertible bond, benefitting from a jumbo anchor order from Alibaba Group Holding.

Chinese acoustic components maker GoerTek is making a comeback to the loan market after a two-year break, seeking $300m for refinancing.

In this round-up, China’s industrial profit growth further declined, Chinese state media has hinted at more peacemaking gestures to the US and the London Stock Exchange (LSE) rejected the Hong Kong bourse’s acquisition offer in a strongly worded letter.

China’s JA Solar Holdings, which was taken private last year, has returned to the offshore loan market, inviting banks to join a $100m facility.

The Bank of East Asia returned to the market with a Basel III-compliant additional tier one (AT1) deal, paying no premium despite reporting disappointing interim results for the first half of 2019 and amid the turmoil in Hong Kong SAR.

Warehouse construction form and lessor ESR Cayman has revived plans to list in Hong Kong, three months after pulling a possible billion dollar IPO mid-roadshow.

Moody’s has promoted Wendy Cheong as regional head for Asia Pacific, according to a press release.