On August 13, 2026, the listing and bell-ringing ceremony for the green Free Trade Zone (FTZ) offshore bond (hereinafter referred to as the "Bond") of Shanghai Electric Group Company Limited (hereinafter referred to as "Shanghai Electric") was held at The Stock Exchange of Hong Kong Limited. The Bond was issued by Shanghai Electric Global Capital Limited, an offshore subsidiary of Shanghai Electric, with an issue size of RMB 1.5 billion, a tenor of 3 years, and a coupon rate of 1.800%.
The Bond has achieved two "first-of-its-kind" milestones: it is the world's first corporate FTZ offshore bond, as well as the first FTZ offshore bond listed on The Stock Exchange of Hong Kong Limited. Concurrently, it set a record for the lowest historical coupon rate for offshore RMB bonds issued by Shanghai municipal state-owned enterprises. As an innovative practice connecting the Shanghai FTZ offshore financial system with the Hong Kong international capital market, this transaction further enriches cross-border RMB financing tools for enterprises, providing a new practical paradigm for domestic enterprises to utilize domestic and overseas capital markets for offshore RMB financing.
Guotai Junan International Holdings Limited acted as the Lead Global Coordinator for this bond project. The Joint Global Coordinators also included Bank of China, BOCI, BOCOM International Securities, HSBC, Industrial and Commercial Bank of China (Asia), ICBC International Securities, and UBS, among others. Acting as the PRC legal counsel to the underwriters for this bond project, Llinks provided comprehensive, professional, and efficient legal services for the issuance of Shanghai Electric's green FTZ offshore bond.
