COUNTRY REPORT HONG KONGHaitong International is the sole sponsor,
global coordinator and bookrunner.
The company will use the IPO proceeds
mainly to expand its retail network,
strengthen product development
capabilities and for working capital.
› JIANGXI COPPER PLANS EB ISSUE
JIANGXI COPPER CORP has proposed a private
placement of three-year exchangeable
bonds in the A-shares of JIANGXI COPPER to
raise up to Rmb3bn.
Jiangxi Copper Corp holds 1.21bn
A-shares and 198m H-shares of Jiangxi
Copper, representing about 40.53% of the
company’s total issued capital.
CHINA AVIONICS SYSTEMS will seek China
Securities Regulatory Commission hearing
on Monday for a proposed issue of six-year
convertible bonds to raise up to Rmb2.4bn.
Controlling shareholder AviChina
Industry & Technology, which owns 43.22%
of China Avionics, plans to exercise the pre-
emptive right on the CB.
The company plans to use the proceeds
for 11 industrialisation projects and for
working capital.
Citic Securities and Avic Securities are joint
bookrunners.
LONGI GREEN ENERGY TECHNOLOGY has raised
Rmb2.8bn from an offering of six-year CBs,
with the public tranche covered 11,008
times.
Existing shareholders took about 83.93%
of the CBs, while the rest were sold to retail
investors.
The coupon for the CBs is 0.3%, before
stepping up to 1.8% in year six. The initial
conversion price is Rmb32.35, representing
a discount of 0.2% to pre-deal spot. The
unsecured bonds received a AA+ rating
from United Ratings.
Guosen Securities was the sole bookrunner.
The manufacturer of silicon materials plans
to use the proceeds for the production of
monocrystalline ingots and wafers.› SPDB PLANS RMB50BN CB ISSUESHANGHAI PUDONG DEVELOPMENT BANK has
obtained board approval to issue six-year
convertible bonds to raise up to Rmb50bn.
The SPDB offering ties the record as the
largest CB issuance proposal in China’s
domestic market. China Minsheng Banking
said in April it planned to raise a similar
amount from a CB issue.
SPDB will use the proceeds to replenish
its Core Tier 1 capital. Shareholders will
review the proposal on November 17.
The bank raised Rmb14.83bn from a
private placement of A-shares in September.
CHANGJIANG SECURITIES, a Chinese brokerage
in Hubei province, has received written
approval from the China Securities
Regulatory Commission for its proposed
issue of six-year CBs to raise up to Rmb5bn.
Guotai Junan Securities and Changjiang
Financing Services are joint sponsors on the
issue. Proceeds will be used for working
capital.
JIANGSU LINYANG ENERGY has raised Rmb3bn
from an offering of six-year CBs, with the
public tranche covered 33,946 times.
Existing shareholders took about 78.47%
of the CBs, while the rest were sold to retail
investors.
The coupon for the CB is 0.3%, before
stepping up to 2% in year six. The initial
conversion price is Rmb8.80, representing
a discount of 4.5% to pre-deal spot. The
unsecured bonds received a AA rating from
Shanghai Brilliance.
GF Securities was the sole bookrunner.
Proceeds will be used for photovoltaic
power generation projects.
CENTRAL CHINA SECURITIES has reduced thetarget size of a proposed issuance of six-
year CBs to Rmb2.55bn from the original
Rmb2.7bn.
Changjiang Financing Services is the sponsor.
The Zhengzhou-based brokerage, listed in
Hong Kong and Shanghai, will use proceeds
for working capital.
The issue is still pending CSRC approval.HONG KONG
DEBT CAPITAL MARKETS
› CNQC SELLS MAIDEN NOTESHong Kong-based CNQC INTERNATIONAL HOLDINGS
raised S$100m (US$73.4m) last Tuesday
from the sale of maiden three-year bonds,
priced at 5%.
The unrated senior unsecured bonds,
with a coupon of 4.9%, were issued at a
reoffer price of 99.724.Top bookrunners of Hong Kong dollar bonds,
inc certificates of deposit, commercial paper
1/1/17 – 31/10/17
Amount
Name Issues HK$(m) %
1 HSBC 131 42,535.7 32.1
2 Standard Chartered 64 27,439.4 20.7
3 Credit Agricole 26 8,524.8 6.4
4 Citigroup 22 7,822.0 5.9
5 Mizuho 11 4,393.5 3.3
6 OCBC 11 4,162.0 3.1
7 Bank of China 7 4,106.5 3.1
8 CBA 15 3,923.5 3.0
9 DBS 5 3,750.0 2.8
10 NAB 7 3,490.0 2.6
Total 358 132,517.5
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS5aTop bookrunners of Hong Kong dollar bonds,
ex-certificates of deposit, commercial paper
1/1/17 – 31/10/17
Amount
Name Issues HK$(m) %
1 HSBC 40 21,538.5 32.3
2 Standard Chartered 20 10,796.9 16.2
3 Citigroup 8 4,192.0 6.3
4 DBS 5 3,750.0 5.6
5 Credit Agricole 10 3,532.0 5.3
6 Mizuho 8 3,293.5 4.9
7 Bank of China 4 3,106.5 4.7
8 ANZ 5 1,857.5 2.8
9 BoCom 3 1,606.5 2.4
10 Nomura 2 1,603.0 2.4
Total 123 66,791.7
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS6
Top bookrunners of Hong Kong syndicated loans
1/1/17 – 31/10/17
Amount
Name Deals US$(m) %
1 Bank of China 17 3,948.6 8.5
2 Standard Chartered 22 3,916.0 8.4
3 HSBC 21 3,864.2 8.3
4 CMB 16 3,737.4 8.1
5 CCB 8 2,332.1 5.0
6 Credit Suisse 10 2,055.3 4.4
7 ANZ 8 2,014.6 4.3
8 ICBC 11 1,953.9 4.2
9 Deutsche 8 1,712.9 3.7
10 DBS 7 1,547.3 3.3
Total 92 46,407.3
* Based on market of syndication and market total
Proportional credit
Source: Thomson Reuters SDC Code: S9bHong Kong global equity and equity-related
1/1/17 – 31/10/17
Amount
Name Issues US$(m) %
1 Goldman Sachs 7 1,833.5 17.0
2 Morgan Stanley 4 1,320.9 12.3
3 Kingston Sec 27 668.9 6.2
4 Deutsche 2 538.4 5.0
5 Haitong Sec 6 534.0 5.0
6 UBS 4 470.4 4.4
7 CCB 3 276.7 2.6
8 Guotai Junan Sec 10 267.2 2.5
9 HSBC 5 266.4 2.5
10 SW Hongyuan (HK) 4 180.9 1.7
Total 247 10,759.3Source: Thomson Reuters