China International Capital Corp

Chinese developer Gemdale has backtracked on plans to cut the coupon on an outstanding renminbi bond by 379bp, after a backlash from investors.

Gemdale, a Chinese property company, raised the ire of investors this week when it cut the coupon on an outstanding bond by 379bp, despite documentation stating the coupon could only be increased. Rebecca Feng reports.

Akesobio has bagged HK$2.58bn ($332.9m) from its IPO after sealing the trade at the top of the marketed price range, according to a banker on the deal.

Kingsoft Cloud Holdings has launched a virtual pre-deal investor education process for its $100m Nasdaq IPO, according to a source close to the deal.

Neil Tu, a vice president on CICC’s equity syndicate team, left the Chinese investment bank this week.

Bankers working on Akesobio’s IPO are preparing for a tough allocation process as a flood of retail demand for the Hong Kong listing is set to leave little for institutional accounts, said a source close to the deal.

Akesobio, a Chinese biopharmaceutical firm, has launched an online-only roadshow for its up to HK$2.58bn ($332.9m) IPO amid numerous country-wide lockdowns globally to combat the Covid-19 coronavirus pandemic.

A group of banks that worked on Luckin Coffee’s IPO is facing questions after an alleged multi-billion renminbi fraud came to light last week. But some of the limelight has already been drawn away by another possible fraud case in China and a controversial short report, creating wider uncertainty around US-listed Chinese stocks. Jonathan Breen and Rebecca Feng report.

Beijing Hyundai and Volkswagen took advantage of the flush liquidity in China’s ABS market to print tight deals on Thursday, adding to the flurry of onshore auto loan ABS issuance this week.

Three Chinese issuers visited the dollar bond market on Thursday, raising $1.2bn between them.

Chinese borrowers continued to find strong response for their dollar bonds on Wednesday, despite the Covid-19 virus outbreak plaguing the country.

Online gaming and education firm NetDragon Websoft Holdings and biotechnology company Innovent Biologics both tapped the equity market on Wednesday evening for funds.