Bank of Communications helps Shanghai Electric issue first corporate FTZ offshore bond worth RMB 1.5 billion
Bank of Communications, as a lead underwriter, facilitated Shanghai Electric's issuance of the first corporate Free Trade Zone offshore bond in the market, totaling RMB 1.5 billion. The bond is also the first FTZ offshore bond listed on the Hong Kong Stock Exchange, marking progress in offshore financial innovation within the Shanghai Pilot Free Trade Zone and following the release of the 2026 Lujiazui Forum's action plan for developing offshore finance in Shanghai as an international financial center.
Bank of Communications, acting as a lead underwriter, helped Shanghai Electric issue the first corporate Free Trade Zone (FTZ) offshore bond in the market, with a total value of RMB 1.5 billion. The bond is the first of its kind to be listed on the Hong Kong Stock Exchange, representing a significant step in offshore financial innovation within the Shanghai Pilot Free Trade Zone. It also comes as a result of the 2026 Lujiazui Forum's “Shanghai International Financial Center Development of Offshore Finance Action Plan. ” This issuance has broadened offshore financing channels for Chinese enterprises, supporting the high-level opening up of the Shanghai Pilot Free Trade Zone and the internationalization of the renminbi.
The Bank of Communications Group leveraged its comprehensive financial service system, coordinating the efficient cooperation of its branches and subsidiaries in Shanghai, Hong Kong, Singapore, Macau, and Luxembourg. The project achieved several firsts, including the first FTZ offshore bond issued by a corporate entity, the first FTZ offshore bond listed on the Hong Kong Stock Exchange, and the largest FTZ offshore bond issuance to date.
The bond incorporates green elements, with proceeds directed toward green and low-carbon industries, aligning with the national “dual carbon” goals. Bank of Communications, as the only large state-owned commercial bank headquartered in Shanghai, has experience in FTZ offshore bond issuance. Since the implementation of the new policies from the 2025 Lujiazui Forum, its Shanghai branch has ranked first in the market for cumulative FTZ offshore bond clearing volume.