On July 23, 2026, China Minsheng Bank Corp., Ltd. Hong Kong Branch (hereinafter referred to as "China Minsheng Bank Hong Kong Branch") successfully drew down and issued an RMB 200 million Shanghai Free Trade Zone (FTZ) offshore bond (hereinafter referred to as the "FTZ bond") under its Medium Term Note (MTN) Programme. This bond has a tenor of 6 months, with the final coupon rate priced at 1.55%, and the clearing institution is the Shanghai Clearing House.

This issuance represents an innovative combination of the "FTZ bond + Yulan bond." Since the beginning of this year, only a few Chinese financial institutions have successfully issued FTZ bonds. This transaction is the first FTZ bond drawn down and issued under an MTN programme by a Chinese joint-stock commercial bank. It not only set a record for the lowest coupon rate for an FTZ bond of the same tenor issued by a Chinese bank, but also marks a significant innovation and breakthrough achieved by China Minsheng Bank Hong Kong Branch in the field of cross-border RMB investment and financing, serving as a practical measure in its deep participation in the construction of the Shanghai FTZ offshore financial system.

In this project, China Minsheng Bank Hong Kong Branch acted as both the issuer and the lead underwriter. The settlement banks for this issuance were China Minsheng Bank and Bank of China; the underwriting syndicate members also included Bank of China (Hong Kong), Bank of Communications Hong Kong Branch, China Construction Bank (Asia), Guotai Junan International, Hua Xia Bank Hong Kong Branch, Industrial and Commercial Bank of China (Asia), ICBC (Macau), and Shanghai Pudong Development Bank Hong Kong Branch.

Established in 1996, China Minsheng Bank is China's first national joint-stock commercial bank initiated and founded primarily by non-state-owned enterprises. It is currently listed on both the Shanghai Stock Exchange (Stock Code: 600016) and the Hong Kong Stock Exchange (Stock Code: 01988).

Leveraging its extensive experience in the debt capital markets sector, the Llinks Hong Kong office acted as the Hong Kong legal counsel to China Minsheng Bank, providing comprehensive, professional, and efficient legal services for the FTZ bond issuance under the MTN programme by China Minsheng Bank Hong Kong Branch.

About FTZ Bonds

The FTZ bond, fully known as the "Shanghai Free Trade Zone Offshore Bond," It is an innovative bond variety issued relying on the special policy framework of the Shanghai Free Trade Zone. Its characteristic is being an "onshore offshore bond"—issued and custodied within Chinese Mainland, but governed by internationally accepted rules and targeted at offshore investors. It aims to broaden the financing channels for "going global" enterprises and high-quality enterprises along the "Belt and Road," while also providing a new window for international investors to allocate offshore RMB assets.

Llinks Engagement Team

Vivian Ji, Partner

Vincent Hou, Associate