Ping An adds to growing dim sum market

Hong Kong’s dim sum bond issuance continues to grow despite volatile markets, with Ping An Insurance becoming the latest borrower to raise renminbi funding in the city after closing its debut bond on Tuesday.

Its parent Ping An Group is China’s leading financial services company, serving insurance, banking and investment needs. The group is 16.13% owned by HSBC, which acted as a sole bookrunner on the bond. The Shenzhen government owns 6.3%.

The bonds were issued by Value Success International and guaranteed by China Ping An Insurance Overseas Holdings, which is a Hong Kong entity. It is difficult for onshore borrowers to guarantee or directly...