Haitong Securities

China’s recent measures to curb local government debt by restricting new offshore issuance from their financing vehicles led to one of the busiest weeks for the sector, as companies raced to beat the June 30 deadline when their regulatory quotas expire, writes Addison Gong.

Peking University Founder Group Co raised $250m in a two year bond trade on Wednesday, using up the last of its offshore issuance quota, and shaking off investor concerns about its ongoing litigation.

Greenland Holding Group Co tackled a July maturity by raising $500m from a bond on Tuesday, but the company still has more refinancing pressure in the near term.

Xi'an Municipal Infrastructure Construction Investment Group Corp has sealed a seven times subscribed bond to refinance an upcoming maturity. The deal was the first to price after China announced measures to curb local government debt by restricting new offshore issuance from their financing vehicles.

China’s Ascentage Pharma Group International and CIMC Vehicles kicked off pre-marketing for their respective Hong Kong IPOs on Monday. Both are expected to launch bookbuilding by the end of June.

China’s Zhenro Properties Group wrapped up its first attempt at issuing perpetual bonds offshore this week, selling the note with a senior-to-perp differential that was tighter than some of its higher rated peers.

Chinese private education provider JH Educational Technology has priced its float on the Hong Kong Stock Exchange at the bottom of price guidance amid volatile markets.

Chinese real estate developers Sunac China Holdings and Yango Group returned to the offshore market on Tuesday, with the former raising a larger-than-expected $600m. Property and construction firm Jiangsu Zhongnan Construction Group Co also priced its maiden dollar bond.

Wanda Sports Group Company is seeking US Securities and Exchange Commission approval for a float of American Depository Shares (ADS).

Two Chinese property companies raised a combined $485m at the end of last week ahead of the holiday weekend in Hong Kong.

China East Education Holdings pulled off the largest education IPO in history this week, despite the mainland education sector suffering under state constraints. The company operates in a niche free of the heavy-handed regulator, which helped it draw a flood of interest to its HK$4.9bn ($625m) offering. Jonathan Breen reports.

Dongfeng Nissan sold its 13th Chinese auto loan ABS, a Rmb4.3bn ($621m) three-tranche note, on June 13. Both senior tranches were priced 25bp higher than the issuer's previous deal.