【PR】Ministry of Finance Issues New Tranche of RMB Sovereign Green Bonds in Hong Kong, Lianhe Green Empowers the Sovereign Green Bond Framework

Ministry of Finance Issues New Tranche of RMB Sovereign Green Bonds in Hong Kong, Lianhe Green Empowers the Sovereign Green Bond Framework

On 28 May, the Ministry of Finance of the People’s Republic of China (hereinafter referred to as “the Ministry of Finance”) successfully issued RMB 6 billion worth of renminbi (RMB) sovereign green bonds in the Hong Kong Special Administrative Region. The issuance garnered extensive attention and enthusiastic uptake from the international capital market, with strong subscription appetite among global investors. The total subscription volume reached RMB 62.4 billion - 10.4 times the issuance size, reflecting its outstanding market recognition.

The bond offering consists of two tenors. The three-year tranche, with an issuance size of RMB 3 billion, carries a coupon rate of 1.42%; the five-year tranche, also sized at RMB 3 billion, has a coupon rate of 1.56%. In terms of subscription performance by tenor, the three-year bonds were oversubscribed by 9.8 times and the five-year bonds by 11.0 times. All tenors were fully oversubscribed, demonstrating sound pricing results and robust market reception.

The bonds feature a diversified investor base with broad geographical coverage. Geographically, investors from the Asia-Pacific region account for 80% of the total, while those from outside the Asia-Pacific region make up the remaining 20%. By institutional type, sovereign and supranational institutions hold 31%, banking institutions 47%, fund managers, asset management firms and insurance companies 20%, and professional green and sustainable investors 35%, reflecting growing participation from international green investment communities.

This marks the Ministry of Finance’s second issuance of RMB sovereign green bonds following the previous offering in April 2025. The successive issuances have further expanded cross-border financing channels for China’s green and low-carbon development, continued to channel international capital into key green and low-carbon sectors, and strongly bolstered the green transformation and upgrading of the real economy. They fully demonstrate China’s firm commitment to the goals of carbon peaking and carbon neutrality, its adherence to the path of green, low-carbon and sustainable development, as well as its sense of responsibility as a major country.

Lianhe Green Development Limited (hereinafter referred to as “Lianhe Green”), an external reviewer recognised under the Hong Kong Monetary Authority’s Green and Sustainable Finance Grant Scheme, has issued a second-party opinion on the inaugural Sovereign Green Bond Framework of the People’s Republic of China (hereinafter referred to as “the Framework”) released by the Ministry of Finance in February 2025, rating the Framework as “Excellent”.

For full details of the second-party opinion issued by Lianhe Green on the Ministry of Finance’s inaugural Framework, please visit the link below:

Report: https://www.lianhegreen.com/uploads/file/20250220/20250220184548451351.pdf

PR: https://www.lianhegreen.com/en/article/26/178.html

About Lianhe Green

Lianhe Green was established in 2023 and is a subsidiary of Lianhe Credit Management Co., Ltd. (hereafter referred to as “Lianhe Credit”) and Lianhe Equator Environmental Assessment Co., Ltd. (hereafter referred to as “Lianhe Equator”), a third-party consulting, assessment and certification institution with multidisciplinary expertise in sustainable development finance, energy conservation and environmental protection, and carbon detection/certification. As an external reviewer recognised under the Hong Kong Monetary Authority’s Green and Sustainable Finance Grant Scheme, Lianhe Green is headquartered in Hong Kong, mainly responsible for green and sustainable finance certification business in international markets, ESG training services, and assistance in operating carbon market-related businesses within and outside China.

Lianhe Green aims to become an internationally renowned sustainable financial services provider through cooperation with Lianhe Equator’s professional and experienced team in this industry. With a belief of “shaping the origin of the earth and sky, and transmitting the civilization of mankind”, Lianhe Green is committed to helping Chinese and foreign enterprises demonstrate their determination in sustainable development, and providing investors with independent and objective third-party certification services. It is our mission to leave green and oceans to our future generations.

About Lianhe Global

Lianhe Global was founded in 2017 in Hong Kong and is a wholly-owned subsidiary of China Lianhe Credit Rating Co., Ltd. (“Lianhe Ratings”). As the international credit rating arm of the Lianhe company group, Lianhe Global is a Type 10 license holder approved by the Hong Kong Securities and Futures Commission to provide credit rating services. As of the latest update, the Company had rated about 300 entities and 200 debt instruments, with a total rated amounts exceeding USD 40 billion equivalent. Lianhe Global serves over 13,000 international market participants, including more than 8,000 Chinese offshore debt investors. The Company has been recognized as the Best Chinese international rating agency by various leading domestic and international financial media, including Euromoney, Finance Asia, The Asset, Corporate Treasurer, Wind, and Wall Street Trader APP. Lianhe Global is committed to enhancing the international competitiveness of Chinese rating agencies and to providing independent, objective, fair, and forward-looking rating services to facilitate the international debt financing activities between Chinese enterprises and global investors.