30 International Financing Review Asia April 4 2020Group, Parfield International, HH Sum-XXII
Holdings and V-Sciences Investments.
That offer followed another US$3.9bn
proposal in August 2018 from a consortium
led by former China Biologic Products
CEO David Gao. The consortium at that
time included GL Capital Group, Bank of
China Group Investment as well as CDH
Investments. China Biologic Products
rejected that offer.
Beijing-based China Biologic Products
manufactures plasma-based therapies. It
listed on the Nasdaq stock exchange in 2009.› SINOPHARM LEASING UNIT LIFTS LOANSINOPHARM HOLDING (CHINA) FINANCE LEASING has
increased a three-year dual-currency term
loan to US$350m after attracting 11 banks
in general syndication.
ANZ, BNP Paribas and Mizuho Bank
were the mandated lead arrangers and
bookrunners of the financing, which was
increased from a US$250m target.
Banks were offered a top-level all-in
pricing of 203bp based an interest margin
of 180bp over Hibor or Libor and an
upfront fee of 61.5bp.
Proceeds will be used for general
corporate purposes.
Pricing on the latest borrowing is
marginally lower than a US$200m three-
year facility the company completed last
August. Standard Chartered was the sole
MLAB of that financing, which offered a
top-level all-in pricing of 205bp based on a
margin of 180bp over Hibor or Libor and an
average life of 2.675 years.
The borrower was set up in Shanghai’s
free trade zone as a wholly owned
subsidiary of Sinopharm Group to focus on
financial leasing and factoring.
Sinopharm Group, a major
pharmaceutical firm, is in turn a unit of
state-owned China National Pharmaceutical
Group.For full allocations, see http://www.ifre.com.› ENN ECOLOGICAL CLOSES US$200M LOANENN Ecological Holdings has closed a
US$200m three-year term loan after
attracting 11 lenders in general syndication.
Standard Chartered was the sole mandated
lead arranger and bookrunner of the bullet
transaction, which paid a top-level all-in
pricing of 215bp based on an interest
margin of 195bp over Libor and a 60bp
management fee.
XINNENG (HONG KONG) ENERGY INVESTMENT is the
borrower, while ENN Ecological Holdings is
the guarantor.
Funds are for general corporate purposes.
The borrower last tapped the markets
for a same-sized two-year bullet loan in
September 2017. StanChart also led that
deal, which offered a top-level all-in pricing
of 300bp based on a margin of 262.5bp over
Libor and a 75bp management fee.
Shanghai-listed ENN Ecological, which is
mainly active in coal and chemicals, owns
and operates a coal-to-chemical plant, a coal
mine and small-scale LNG plants in China.
For full allocations, see http://www.ifre.com.› GUANGXI IRON & STEEL FORGES FACILITYGUANGXI IRON & STEEL GROUP has raised a
Rmb10.975bn (US$1.54bn) 12-year loan
from a dozen banks.
China Construction Bank was the mandated
lead arranger and bookrunner of the
financing, which will be used for capital
expenditure purposes.
Guangxi Iron & Steel Group was
established in 2008 in Guangxi Zhuang
Autonomous Region in southern China as a
joint venture between Wuhan Iron & Steel
and Guangxi Liuzhou Iron & Steel (Group).
Wuhan Iron & Steel merged with BaoshanIron & Steel in 2016, creating China’s biggest
steelmaker Baowu Steel Group.
For full allocations, see http://www.ifre.com.EQUITY CAPITAL MARKETS
› CANBRIDGE PHARMA MULLS IPOChinese biotech company CANBRIDGE
PHARMACEUTICALS is in discussion with
banks for an IPO which could raise about
US$200m, according to people close to the
deal.
The company, which counts Chinese
contract medical researcher WuXi AppTec
among its backers, is close to picking
arrangers for the potential float, said the
people.
The company has not decided where to
list but Hong Kong is a more likely option
compared to the US, said the people, adding
the deal is expected to come as early as this
year.
CANbridge, which develops drugs for
orphan diseases and cancers, announced
in February it raised US$98m from a
private round led by General Atlantic and
WuXi AppTec. Shenzhen-listed Hangzhou
Tigermed Consulting was also one of the
investors.
After the financing, Shanghai and
Hong Kong-listed WuXi AppTec owns a
13.1% stake in CANbridge. WuXi Biologics
HealthCare Venture also own a 2.6% stake
in CANbridge.
Founded in 2012, CANbridge posted a
loss of US$11m for the first nine months
of 2019, compared to a full-year loss of
US$23.8m in 2018.
Last November, the company said one of
its drug candidates for the cure of breast
cancer had received market approval from
the Department of Health in Hong Kong.› CECEP PLACEMENT APPROVEDShanghai-listed CECEP WIND-POWER has won
regulatory approval for a Rmb2.8bn
(US$394m) private share placement to fund
four wind power projects.
The state-owned company, which
develops, builds and operates wind farms,
plans to sell up to 831m shares, equal
to 20% of its existing capital, to up to 35
investors.
China Energy Conservation and
Environmental Protection Group, its
largest shareholder with a 45.6% stake,
has committed to buy 10% of the private
placement.
Proceeds will be used on four wind
power projects and to replenish working
capital.
Citic Securities is the sponsor.Top bookrunners of China syndicated loans
1/1/20 – 31/3/20
Amount
Name Deals US$(m) %
1 Bank of China 48 6,344.4 40.2
2 China Merchants Bank 2 2,876.0 18.2
3 ABC 5 2,147.4 13.6
4 ICBC 2 1,303.7 8.3
5 BoCom 2 1,117.1 7.1
6 Citic 2 872.7 5.5
7 CCB 2 509.1 3.2
8 HSBC 1 288.3 1.8
9 Bank of Jiangsu 1 100.5 0.6
10 Taiwan Financial 1 89.2 0.6
Total 68 15,771.1
* Based on market of syndication and market total
Proportional credit
Source: Refinitiv data SDC Code: S8bTop bookrunners of China equity and
convertible offerings
1/1/20 – 31/3/20
Amount
Name Issues US$(m) %
1 CICC 20 3,660.0 13.1
2 China Sec 12 3,645.0 13.1
3 Citic 12 2,801.0 10.1
4 Morgan Stanley 9 2,693.9 9.7
5 Citigroup 8 968.4 3.5
6 Industrial Sec 11 910.5 3.3
7 Sinolink Sec 6 840.8 3.0
8 Guotai Junan Sec 11 749.7 2.7
9 E Asia Qianhai Sec 2 663.7 2.4
10 Huatai Sec 4 569.6 2.0
Total 159 27,877.0
*Market volume
“Standard Exclusion not applicable”
Proportional credit
Source: Refinitiv data SDC Code: C1mB&RXQWU\LQGG