Hong Kong issues world's first offshore yuan tokenised public bond

The world's first offshore yuan-denominated tokenised public bond was issued in Hong Kong on Monday, in a deal seen as a milestone in the city's ambition to become a digital finance hub.

GF Securities (Hong Kong) Brokerage raised 500 million yuan (US$70 million) on behalf of Shenzhen Futian Investment Holdings, with the two-year bond carrying a 2.62 per cent coupon and an A- rating from Fitch.

The deal, executed on the Ethereum blockchain, has been listed on both the Shenzhen and Macau exchanges - the first time a tokenised security based on a public blockchain has been admitted to traditional bourses.

Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.

Until now, most tokenised bonds in Hong Kong have been sold through private placements. By structuring it as a public offering, the issuance opens access to a wider pool of investors and provides a blueprint for integrating blockchain infrastructure into regulated capital markets.

Most tokenised bonds in Hong Kong until now have been sold through private placements. Photo: Shutterstock alt=Most tokenised bonds in Hong Kong until now have been sold through private placements. Photo: Shutterstock>

NVT, a Hong Kong start-up that provided the end-to-end technology for the issuance.

"Tokenisation is gradually moving beyond the exploratory stage and entering a phase of larger scale and deeper practice," said Jay Zhao, founder and CEO of NVT. "The significance of this public bond issuance lies not only in enabling broader investor participation, but also in truly bridging traditional capital markets with on-chain infrastructure."

NVT, founded in 2019, has emerged as a key player in Hong Kong's tokenisation drive.

In August, leather goods manufacturer China International Development Corporation acquired a 20 per cent stake in the start-up for HK$100 million (US$12.8 million), calling the partnership a "transformational leap" that could allow it to convert cash flows, receivables and even intellectual property into digital tokens.

The tokenised bond issuance comes as the Hong Kong Monetary Authority (HKMA) ushered in a new era of digital finance with its stablecoin ordinance last month, as the city seeks to balance innovation with oversight after a period of speculative fervour.

As of August 31, 77 entities had expressed interest in applying for stablecoin licences, spanning banks, technology firms, securities houses, asset managers, e-commerce companies, payment providers, start-ups and Web3 enterprises, according to HKMA.

Story Continues

Meanwhile, the HKMA stressed that expressing interest does not imply approval and that only a few licences would be issued in the initial phase. It also reminded the public to remain vigilant against unlicensed stablecoin promotions.

This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved.

Copyright (c) 2025. South China Morning Post Publishers Ltd. All rights reserved.

View Comments