Bank of Communications

JD Logistics wrapped up its jumbo Hong Kong IPO on Thursday after a strong turnout from institutional investors, attracted to the company’s fair valuation and its parent’s credentials. The multi-billion-dollar listing is set to be the city’s largest float since the beginning of the year, writes Jonathan Breen.

JD Logistics has rolled out its long-awaited HK$26.5bn ($3.4bn) listing in Hong Kong, set to be the city’s largest IPO since the beginning of the year.

One of China’s big four banks, Agricultural Bank of China, and securities house Haitong International Securities Group joined the flurry of Chinese bond deals in the offshore market this week.

Hong Kong jewellery company Chow Tai Fook has returned to the loan market for its annual borrowing.

Chinese state-owned company Genertec Universal Medical Group has returned to the loan market to syndicate a $700m-equivalent deal.

Three Chinese corporate borrowers raised a combined $757m from the offshore bond market on Wednesday.

Guotai Junan Securities Co faced a choppy market backdrop to price a $500m bond on Wednesday, becoming one of only a handful of Chinese issuers to head offshore this week.

Jiangsu Zhongnan Construction Group Co raised $250m from a new money and exchange offer on Monday.

The New Development Bank sold a Rmb5bn ($767m) Panda bond aligned to the United Nations’ Sustainable Development Goals this week. The deal, expected to help mitigate the impact of Covid-19 on the Chinese economy, was priced flat to China Development Bank’s yield curve, and saw solid demand from international investors. Addison Gong reports.

Chinese car manufacturer BAIC Motor Corp sold a popular $350m bond on Wednesday. While the issuer offered a premium to investors in the primary market, the notes ended up trading tighter in secondary.

China Everbright Bank switched things up for its $550m deal this week, by opting for a fixed rate note rather than the floating rate bonds it has favoured more recently.

China's Minsheng Financial Leasing Co sold a rare loan-backed bond on Wednesday, replicating a structure it has favoured in the past.