Shenzhen plans to issue offshore RMB local government bonds in Hong Kong and Macau in 2026, and has initiated the recruitment of underwriting syndicates.

The Shenzhen Municipal Finance Bureau issued an announcement to implement the decision-making arrangements of the Party Central Committee and the State Council on the construction of the China (Shenzhen) Special Economic Zone with Chinese characteristics. In order to further promote the integrated development of the Guangdong-Hong Kong-Macao Greater Bay Area, the Shenzhen Municipal Government plans to issue offshore RMB local government bonds in the Hong Kong Special Administrative Region and the Macao Special Administrative Region in 2026. To carry out relevant work, the underwriting syndicate for the issuance of offshore RMB local government bonds in Hong Kong and Macao by Shenzhen in 2026 will be established. The Hong Kong underwriting syndicate is responsible for underwriting local government bonds issued by Shenzhen in the Hong Kong Special Administrative Region in 2026, to global investors. The rights and obligations of the syndicate members apply to the local government bonds issued by Shenzhen in the Hong Kong Special Administrative Region in 2026, and do not apply to local government bonds issued by Shenzhen in other regions. The Macao underwriting syndicate is responsible for underwriting local government bonds issued by Shenzhen in the Macao Special Administrative Region in 2026 to global investors. The rights and obligations of the syndicate members apply to the local government bonds issued by Shenzhen in the Macao Special Administrative Region in 2026, and do not apply to local government bonds issued by Shenzhen in other regions. Financial institutions interested in serving as syndicate members are requested to send scanned copies of the application documents with the official seal or equivalent validity to the email address before July 28, 2026. The issuance size is not exceeding 4 billion RMB in Hong Kong and not exceeding 1 billion RMB in Macau. The maturity period is mainly from 2 to 10 years.