BOCOM International Holdings Co Ltd

BOCOM International has successfully issued RMB1.1 billion and USD134 million in subordinated perpetual bonds, becoming the first offshore Chinese securities firm to issue dual-currency RMB and US dollar subordinated perpetual bonds. The issuance attracted subscriptions from 20 domestic and overseas investors, including central state-owned enterprises, bank wealth management subsidiaries, securities firms, Hong Kong local family offices, and foreign institutions. The net proceeds will be used to repay existing liabilities or deploy incremental assets. The bonds feature both RMB and US dollar tranches, with initial distribution rates of 2.50% and 5.50% respectively for the first three years, after which the rates will be reset every three years. Fitch Ratings' Dan Qing pointed out that the dual-currency issuance can effectively control interest expenses. Li Weifeng of Lianhe Ratings Global noted that the bond has opened a channel for Chinese securities firms to replenish offshore equity-type capital and validated market demand for dual-currency capital instruments. Wind data shows that as of the end of September, domestic Chinese securities firms' perpetual subordinated bond issuance in 2026 exceeded RMB150 billion, up more than 2.35 times compared with the same period in 2025, with the top five issuing firms accounting for over 60% of the share. DM data shows that as of the end of September, Chinese securities firms' offshore bond issuance reached USD9.305 billion, up 28.99% year-on-year, already surpassing the USD8.568 billion for all of 2025.