Shangri-La Asia Completes Record RMB 1.2 Billion Panda Bond Issuance Under New RMB 10 Billion Programme

Bank of China (“BOC”), China Merchants Securities (“CMS”), China Merchants Bank (“CMB”), DBS Bank (China) Limited (“DBS China”) and China Construction Bank (“CCB”) are pleased to announce the successful issuance of Shangri-La Asia Limited’s (HKEX stock code: 00069/SGX stock code: S07) (“Shangri-La” or “the Group”) Panda Bond.

Shangri-La established its first 2-year Panda Bond Programme in 2024 totalling RMB 20 billion which has since expired. The programme has been renewed for another RMB 10 billion, and this is the inaugural issuance under the renewed programme. Two tranches were issued: a RMB 400 million (~US$57.8 million) 3+2-year MTN and a RMB 800 million (~US$115.6 million) 5-year MTN, totalling RMB 1.2 billion (~US$173.4 million), the largest single issuance by Shangri-La to date.

Both tranches achieved record-low coupon rates of 1.90% per annum on the 3+2-year note and 2.19% per annum on the 5-year note, representing improvements of 0.13% and 0.19% respectively against the Group’s previous records. Total investor subscription reached RMB 2.34 billion, representing 1.95 times the total issuance size, with the 3+2-year note subscribed 3.03 times and the 5-year note 1.41 times. Both tranches carry an AAA-rating by China Lianhe Credit Rating Co., Ltd., consistent with the rating on Shangri-La and its previous bond issuances. Proceeds raised from the issuance will be used for general corporate purposes.

Mr. Li Liangping, President of Bank of China Fuzhou Mindu Sub-Branch, BOC, said: “This issuance marks Shangri-La’s largest single Panda Bond to date, with both tranches achieving record-low coupon rates for the issuer. BOC is proud to have led the transaction, ranking first among all participating banks in both order volume and allocation. Having topped the Panda Bond underwriter league tables for 12 consecutive years, BOC has a longstanding commitment to supporting high-quality multinational enterprises in deepening their access to China’s capital markets. BOC Fujian Branch has also remained top-ranked in the local panda bond market for many consecutive years. We look forward to further strengthening our partnership with Shangri-La and supporting the Group’s long-term financing and business growth in China.”

Mr. Li Shuoyi, Member of Investment Banking Committee, Head of Division I, Fixed Income and Financing Department, CMS said: “This marks the first issuance under Shangri-La’s registered DFI programme, with a highly successful offering. Both tranches have set record-low coupon rates for all of Shangri-La’s Panda Bond issuances. We will continue to capitalise on our expertise in the Panda Bond market and deepen our long-term strategic partnership with the client.”

Mr. Qu Zhenyu, Executive Vice President of CMB Shenzhen Branch said: “We are proud to have partnered with Shangri-La on this landmark Panda Bond issuance. The strong investor subscription and record-low coupon rates achieved across both tranches are a testament to Shangri-La’s strong credit fundamentals and well-established standing in the onshore RMB market. CMB remains committed to supporting leading international issuers in the bond market and to contributing to the continued internationalisation of the RMB and the two-way opening of China’s capital markets.”

Mr. Kyle Tan, Deputy CEO and Head of Global Financial Markets of DBS China, said: “This transaction marks DBS China’s first deal since our lead underwriting license in the China Interbank Bond Market was upgraded. We are honoured to have supported Shangri-La in successfully completing this issuance. Leveraging our comprehensive underwriting capabilities and deep expertise in cross-border finance, we look forward to supporting more high-quality international issuers, like Shangri-La, to participate deeply in the two-way opening-up of China’s financial markets.”

Ms. Daphne Wat, Deputy Chief Executive of CCB (Asia) said: “This marks our first collaboration with Shangri-La on a Panda Bond issuance, and we are delighted with the robust investor demand attracted. This achievement represents a significant milestone in our continued and growing partnership.”

Mr. Nee Chuan Teo, Chief Financial Officer and Executive Director of Shangri-La said, “Since our debut Panda Bond in 2024, we have been receiving growing support from investors. Achieving a record issuance size of RMB 1.2 billion at a record-low coupon rate is a strong reflection of the market’s confidence in Shangri-La’s credit and long-term business development potentials. This inaugural issuance under our new Panda Bond Programme further deepens our presence in the onshore RMB capital markets and supports our long-term strategy of diversifying our funding base, lowering our overall cost of capital, and better matching our Renminbi asset-liability profile.”

About Bank of China

Bank of China is the bank with the longest continuous operation among Chinese banks. Formally established in February 1912, and a wholly state-owned commercial bank since 1994, the Bank provides various financial services, and has developed into a large commercial bank delivering services in local and foreign currencies and featuring complete business varieties and strong strength.

The Bank was listed on the Hong Kong Stock Exchange and the Shanghai Stock Exchange in 2006, becoming the first Chinese bank to launch an A-Share and H-Share initial public offering and achieve a dual listing in both markets. As China’s most globalised and integrated bank, Bank of China has institutions across the Chinese mainland as well as 64 countries and regions, and BOCHK and the Macau Branch serve as local note-issuing banks in their respective markets.

About China Merchants Securities

China Merchants Securities co. Ltd. (CMS) is a leading investment bank in China, with a highly integrated and collaborative full-service business model. Adhering to a client-oriented approach, we provide clients with all-round professional services of Wealth-Management and Institutional business, Investment Banking, Investment Management, Investment and Trading. CMS wholly owns CMS International, CMS Asset Management, China Merchants Futures, CMS Zhiyuan, China Merchants Investment, and is a shareholder of Bosera Funds and China Merchants Fund, building a comprehensive service platform integrating both domestic and international business.

Under the control of China Merchants Group, the Company fully benefits from the brand influence of “China Merchants” and the industrial and financial resources within the Group. Strongly supported by China Merchants Group, the Company has continued to grow and develop and achieve A+H share listing. It has always maintained a market-oriented operating mechanism and a sound corporate governance structure to provide a solid guarantee for the Company’s steady and long-term development.

As the premiere domestic securities company, China Merchants Securities shares a growing history with the domestic securities markets and the company always remains a forerunner for development and innovation in the capital market through our constant quest for excellence and outstanding accomplishments.

About China Merchant Bank

China Merchants Bank (CMB) is the first joint-stock commercial bank in China to be wholly owned by corporate legal entities. Over the 39 years since its establishment, it has evolved into a banking group listed on both the Shanghai and Hong Kong stock exchanges, ranking among the world’s leading banks in terms of Tier 1 capital, with a comprehensive portfolio of financial licenses covering commercial banking, financial leasing, fund management, life insurance, overseas investment banking, consumer finance, wealth management subsidiary, and financial asset investment.

As of the end of 2025, China Merchants Bank maintained 149 branches and 1 representative office across the globe. It ranked 8th globally in Tier 1 capital in The Banker’s “Top 1000 World Banks” list, has been featured in the Fortune Global 500 for 14 consecutive years, and has received numerous accolades including “Best Consumer Bank in Asia” by Euromoney and “Best Managed Bank in China” by The Asian Banker.

About DBS

DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s "AA-" and “Aa1” credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 17 consecutive years from 2009 to 2025.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way.

About China Construction Bank (Asia)

China Construction Bank (Asia) Corporation Limited (“CCB (Asia)”) is the comprehensive and integrated commercial banking platform of China Construction Bank Corporation (“CCB”) in Hong Kong. As the flagship of CCB Group’s overseas business, CCB (Asia) holds a variety of licenses and provides a wide array of banking services including retail banking services, commercial banking services, corporate banking services and treasury business etc., along with its industry-leading advantages in RMB services, FinTech, cross-border services and green finance. Through the extensive network and diversified service channels of CCB Group in Mainland China and Hong Kong, CCB (Asia) provides comprehensive, one-stop and integrated financial solutions to individuals, corporate and institutional clients. Adhering to “market-oriented, customer-centric” business philosophy, with its integrated operational platform as the basis, FinTech as the core drive, and innovation as the leading force, CCB (Asia) is committed to providing efficient, safe, and cutting-edge smart banking experiences to the general public.

About Shangri-La Group

Shangri-La Group is one of the world’s premier developers, owners and managers of hotel and investment properties which comprises office buildings, commercial real estate and serviced apartments/residences. The Group’s other principal activities include hotel management services as well as property development for sale. It currently owns and/or manages over 100 hotels globally in more than 75 destinations under the Shangri-La, Shangri-La Signatures, Kerry, JEN by Shangri-La and Traders brands. Prominently positioned in Asia, the Group has a substantial pipeline of upcoming hotel and mixed-use development projects in Australia, Japan, the Chinese Mainland, and Turkey. For more information, please visit https://www.shangri-la.com/group/.