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The aim is to help firms comply with US withholding tax requirements on foreign persons and entities, as the total issuance for dim sum bonds in 2023 tallied $76 billion in Hong Kong.
Hong Kong’s drive to promote dim sum bonds and yuan-denominated shares will strengthen its role as the main offshore trading centre for the Chinese currency, according to bankers who will attend a key summit in the city this week.
The tropical island of Hainan issued the first sustainable dim sum bonds by a Chinese provincial government as Beijing aims to strengthen Hong Kong’s position as an offshore financial centre.
The long-awaited southbound leg of the Bond Connect between mainland China and Hong Kong will encourage more bond offerings in the city, and prove to be a “game changer” that boosts its credentials as a green bonds and dim sum bonds centre, analysts said.