Linklaters advises the PRC Government on the issuances of Renminbi-denominated sovereign bonds in Hong Kong SAR totalling RMB 68bn in 2025  

Press Contact:

Aditi Raisurana
Asia Communications & Events Manager
+6566925819 aditi.raisurana@linklaters.com

In December 2025, Linklaters advised the Ministry of Finance of the People’s Republic of China (MOF) on its sixth tender issuance this year of RMB 7bn sovereign bonds, bringing the total issue size of Renminbi-denominated sovereign bonds in Hong Kong in 2025 to RMB 68bn. This marks the successful completion of China’s 2025 offshore sovereign bond issuances.

Since 2009, Linklaters’ team led by partner William Liu, supported by partners Michael Ng and Min Fang has acted as the MOF’s international legal advisor on all its international offerings of sovereign bonds. Linklaters is also the only international law firm that has advised on all international bond offerings by Chinese local governments, including the People’s Government of Guangdong Province, the People’s Government of Hainan Province and the Shenzhen Municipal People’s Government.

Looking back at 2025, in addition to the issuances of Renminbi-denominated sovereign bonds in both the Hong Kong and Macao Special Administrative Regions, the MOF completed several landmark transactions in key international financial centres, including:

• RMB 6bn green sovereign bond issuance in London, marking the Chinese government’s inaugural green bond offering to international investors.
• US$4bn sovereign bond issuance in Hong Kong, with total subscription orders more than US$100bn. The bonds were oversubscribed by approximately 30 times, with the five-year tranche being oversubscribed by 33 times, setting a new record for China’s offshore sovereign bonds issuances.
• Debut €4bn sovereign bond issuance in Luxembourg, with total subscription orders reaching €100bn.

In 2025, the People’s Government of Guangdong Province, the People’s Government of Hainan Province and the Shenzhen Municipal People’s Government also issued Renminbi denominated bonds in the international markets across a range of maturities and themes, such as National Games themed bonds, green bonds and blue bonds. It was also the first time that the Shenzhen Municipal People’s Government completed a bond issuance in the Macao Special Administrative Region.

Linklaters Partner William Liu commented:
 

“We are deeply grateful to the Ministry of Finance and all Chinese local governments for their long-standing trust in the Linklaters team. This year, China’s offshore sovereign and local government bonds achieved very encouraging results in the international market, reflecting strong investor confidence in China’s sovereign credit and its economic outlook. Steady Renminbi appreciation, falling United States Treasury yields and rising global demand for diversified asset allocation all point to a new year with greater opportunities.

We will continue to leverage the firm’s extensive international capital markets experience and global network to support our clients in completing innovative and landmark transactions. We look forward to working together in the new year. Wishing everyone a happy and prosperous New Year.”