Asian Credit Strategy: Asia credit weekly spotlight (week of 1 to 8 July)

Research evidence excerpt

Asian Credit Strategy: Asia credit weekly spotlight (week of 1 to 8 July)

Individual sector update

Asia technology

SK Hynix started the sale of 177.9mn American depositary receipts with more than

seven times oversubscribed, per Bloomberg

Kuaishou Technology said a consortium of investors including Alibaba and Tencent

agreed to invest $2.03bn in its subsidiary Beijing Kling, which will hold its Kling AI video

generation business, per Bloomberg.

Tencent offered to sell about 273mn Kuaishou shares in a block trade for up to

USD1.6bn per Bloomberg.

Alibaba got a reprieve on lobbying ban related to the Defense Department blacklist, per

Bloomberg.

China released draft amendments to its e-commerce law that would expand coverage

beyond platforms and merchants, and revise rules governing the digital economy, per

Micron Technology broke ground on the expansion of its factory in western Japan, a

JPY1.5tln (c.US$9bn) undertaking to produce advanced memory chips, per Bloomberg.

Asia gaming

Genting Malaysia announced the full redemption of the USD300mn RWCATS’26 due in

Nov’26. S&P affirmed Genting New York’s BB+ rating and maintained its recovery rating

at '3', while upgrading Empire Resorts to B+ with a stable outlook. Following the

repayment of Empire’s notes, S&P withdrew its ratings on Empire at company’s request.

S&P also noted that Genting Americas Inc.’s new USD2bn bank facility reduces Empire

Resorts’ refinancing risk. The facility includes a mix of delayed-draw term loans to repay

the existing US$775mn term loan, US$150mn revolving credit facility for Genting NY,

US$300mn for Empire’s note repayment, as well as the development of the second

phase of construction of the New York Casino.

China industrial