Haitong Securities

Beijing Infrastructure Investment Co used a direct guarantee structure for its dollar bond return instead of a keepwell agreement, just days after keepwell deals sold by Peking University Founder Group were not recognised in a debt restructuring. The move paid off for the metro operator — bolstering the rating of its deal and helping it get away with tight pricing. Alice Huang reports.

Chinese property developers China South City Holdings and Kaisa Group Holdings offered generous premiums for their bond outings this week in a bid to ensure strong aftermarket performance.

Chinese electric vehicle manufacturer XPeng raised $1.5bn this week, after increasing the size of its US listing and pricing it above the marketed range.

Huangshan Tourism Group Co opted for euros for its maiden offshore bond. The €230m transaction benefited from a standby letter of credit from Bank of China’s Anhui branch, as well as strong bookrunner support.

Shandong Guohui Investment Co relied heavily on its 20-strong syndicate group to seal a tightly priced $400m bond.

Chinese electric vehicle manufacturer XPeng has hit the road with its $1.1bn New York Stock Exchange IPO. It is the latest in a building pipeline of US listings by Mainland-based companies that are undeterred by rising tensions between the two countries.

Nasdaq-listed Futu Holdings, parent of Chinese online brokerage Futu Securities, has raised $313.5m from a follow-on offering, hitting the market on the back of a more than 200% surge in its share price this year.

Futu Holdings, parent of Hong Kong-based brokerage Futu Securities, has kicked off bookbuilding for a follow-on of primary stock.

Chinese property developer Fantasia Holdings Group Co reopened a bond initially sold three years ago in a bid to lower its funding costs, taking $200m from the tap.

Redco Properties Group returned to the dollar market with a sub-one year bond on Tuesday, two weeks after using up its offshore issuance quota.

China’s Excellence Commercial Property and Facilities Management Group is preparing to launch its Hong Kong IPO this month, according to a source close to the deal.

Chinese real estate borrowers swarmed the international bond market on Wednesday, raising a combined $1.05bn across four transactions.