On June 17, 2026, Llinks, in collaboration with China (Macau) Financial Asset Exchange Co., Ltd. (MOX) and Shanghai DM Information Technology Co., Ltd. (DM), successfully hosted the "New Opportunities in the Offshore Bond Market" Seminar at the Llinks Shanghai Office. Focusing on policy trends, practical operations, and compliance supervision within the offshore bond market, the seminar aimed to provide forward-looking strategic guidance for enterprises to seize offshore bond issuance opportunities and efficiently connect with international capital. The event attracted over 50 representatives from issuers, underwriters, banks, legal and accounting firms, and financial data service providers.
The seminar commenced with opening remarks by Mr. Christophe Han, Founding Partner of Llinks. Extending a warm welcome to the guests, Mr. Han noted that Llinks has been deeply engaged in cross-border capital markets for years. He emphasized that every successful issuance relies on robust legal structure innovation and a reverence for market rules, making this dialogue highly valued. Despite the challenges and opportunities presented by the global market, Chinese enterprises have never wavered in their pace of going global. MOX's efforts to build a hub connecting the mainland with global capital markets have opened up a promising offshore financing channel for Chinese enterprises.
Subsequently, Mr. Guanghui Yang, Executive President of MOX, stated in his welcoming address that global capital remains optimistic about China's dual-carbon transition and independent sci-tech innovation in the long term. As a bridge between the mainland and international markets, Macau possesses natural advantages in multi-currency financing and flexible structural design. MOX is continuously improving its supporting services to embrace new market opportunities.
During the keynote speech session, five senior industry experts shared deep insights and practical reflections centered on their respective professional fields:
• Mr. Tiankuang Pu, Industry Director at Shanghai Qikun Technology Information Co., Ltd., presented ESG and Green Low-Carbon: New Corporate Compliance Rules and Capital Market Opportunities. He noted that ESG and green low-carbon metrics have become substantive entry thresholds for global markets. Enterprises urgently need to consolidate their compliance foundations by establishing standardized data collection, reporting, and risk control systems to convert verifiable low-carbon performance into tangible financing competitiveness and market premiums.
• Ms. Zhoujun Duan, Director of the Market Development Center at MOX, delivered a keynote on Exploration of Macau Bond Market Construction and the Development of Green and Sci-Tech Innovation Bonds. She highlighted that as of the end of May 2026, the total scale of bonds issued and listed on MOX reached MOP 1,124.233 billion, including approximately MOP 191.2 billion in green bonds. She detailed the core advantages of the Macau bond market and the regulatory framework for sci-tech innovation bonds, sharing MOX's latest practices in using technology to empower green certification and assist Chinese enterprises in efficiently accessing international capital.
• Ms. Yuhan Shao, Managing Director at Silk Road International Capital Limited, shared insights on New Trends in Offshore Bonds under High-Quality Development Policies. She pointed out that the offshore bond market is entering a new cycle of "stable volume and optimized structure," with industrial bond issuance soaring by 63.4% year-on-year in 2025, serving as the core engine of market growth. She advised enterprises to adhere to the principle of "risk neutrality" and establish normalized hedging mechanisms to navigate multiple challenges amidst intensified exchange rate volatility.
• Ms. Panpan Zhu, Head of the Research Center at DM, provided an in-depth analysis on Observations on Sci-Tech Innovation Bonds from an Investor's Perspective. She noted that current sci-tech innovation bonds feature lengthening maturity structures, increased participation by private enterprises, and sufficient policy safety margins. Showcasing the DM Sci-Tech Innovation Quality Assessment Model, she systematically outlined the practical preferences and selection logic of institutional investors across allocation-oriented, trading-oriented, and barbell strategies.
• Ms. Vivian Ji, Llinks Partner, presented New Opportunities and Challenges in Offshore Bond Issuance. She reviewed recent offshore bond market trends, systematically outlined the trial rules and information disclosure requirements for offshore sci-tech innovation bonds, and provided an in-depth analysis of fund supervision requirements for ESG and green bonds, as well as the unique advantages and typical cases of Yulan bonds.
Following the keynotes, the seminar transitioned to a roundtable dialogue moderated by Mr. Zhen Chen, Llinks Executive Partner and Chairman of the Management Committee. The panel featured four distinguished guests: Mr. Dong Su, Deputy Head of Debt Capital Markets at Guotai Junan Securities; Mr. Baoqi Huang, Researcher at Shanghai JinSinan Financial Research Institute; Mr. Jian Gu, Senior Manager of the Capital Operations Department at Shanghai Electric Group; and Mr. Shida Hu, Partner at KPMG Huazhen LLP.
Centered around "Green Low-Carbon and Sci-Tech Driven: New Opportunities in the Offshore Bond Market," the panelists engaged in a profound exchange of ideas. From the diverse perspectives of underwriting, research, corporate operations, and audit compliance, they contributed forward-looking and highly actionable advice for Chinese enterprises to conduct offshore bond financing efficiently and securely.
The seminar concluded successfully amidst a lively atmosphere of free exchange. Moving forward, Llinks will continue to leverage its "one-stop" legal service platform, collaborating with partners to help more domestic and foreign enterprises seize era opportunities and achieve steady, long-term development in the international capital markets.
