Leveraging Dim Sum Bonds to Deepen China–Cambodia Financial Cooperation – CICA and SERC Leads High-Level Cambodian Delegation to Hong Kong with Fruitful Outcomes

[Hong Kong | 18 December 2025]
To deepen China–Cambodia financial cooperation and promote capital market connectivity, a high-level Cambodian delegation led by H.E. Dr. Heng Vuthy, President of the Cambodia Chinese Investment Association (CICA) and Personal Advisor to Prime Minister Hun Manet, together with H.E. SOU Socheat, Delegate Royal Government in charge as Director General of the Securities and Exchange Regulator of Cambodia (SERC), visited Hong Kong on 18 December.

The delegation paid courtesy visits to Hong Kong Exchanges (HKEX), Haitong International, and Bank of China (Hong Kong). Members of the delegation included Mr. Darren Teng, Chairman of a Cambodian Securities Plc., as well as relevant officials from SERC and representatives of financial institutions.

During the visit, in-depth discussions were held on key topics including the implementation pathway for Dim Sum Bonds (offshore RMB bonds) in Cambodia, dual listing mechanisms between Hong Kong and Cambodia, and brokerage collaboration and two-way capital introduction. The meetings yielded multiple positive consensuses, opening a new, more institutionalized and implementable chapter for bilateral capital market cooperation between Hong Kong and Cambodia.

HKEX Shares Experience on Dim Sum Bond Issuance

Promoting Regulatory Alignment and Mechanism Connectivity

During the meeting with HKEX, the exchange shared its experience in the development of the Dim Sum bond market, issuance practices, international investor participation structures, and market operation processes. Both sides conducted in-depth exchanges on policy and technical aspects such as issuance rules, issuance methods, information disclosure, investor engagement, and market operations. These discussions provided mature and referenceable experience for Cambodia in promoting regulatory alignment, product design, and market cultivation for RMB-denominated products in the future.

Joint Signals of Cooperation from Regulatory, Macroeconomic, and Market Platform Perspectives

In this exchange, the Cambodian delegation delivered structured remarks from a “regulation – macro industry – market platform” perspective, systematically outlining cooperation directions and implementation pathways, thereby strengthening consensus on feasibility and execution timelines.

I. Remarks by H.E. Sou Socheat,

Strengthening Dual Listings and Cooperation with HKEX to Build International Financing Channels

H.E. SOU Socheat emphasized Cambodia’s high regard for cooperation with Hong Kong’s capital market and highlighted that Cambodia will advance a more open, transparent, and internationally aligned regulatory and institutional framework, focusing on three key directions:

1. Deepening regularized cooperation at the exchange level
   Promoting closer communication and cooperation frameworks between HKEX and the Cambodia Securities Exchange;
2. Advancing dual listings (Dual Listing)
   Guiding more high-quality Cambodian enterprises, after listing in Cambodia, to further explore and pursue dual listings in Hong Kong, thereby expanding international investor coverage, enhancing financing efficiency, and increasing global visibility;
3. Encouraging coordinated services by Hong Kong and Cambodian securities firms
   Supporting deeper business cooperation between Cambodian and Hong Kong securities firms to provide bridges and professional support for Cambodian enterprises entering international capital markets.

II. Remarks by H.E. Dr. Heng Vuthy,

Interpreting Cambodia’s Growth Logic and Investment Opportunities from a Macroeconomic and Reform Perspective

H.E. Dr. Heng Vuthy elaborated on Cambodia’s growth logic and investment opportunities, introducing recent economic reforms and ongoing opening-up efforts, and emphasized that:

• Cambodia is at a critical stage of industrial upgrading and accelerated linkage with international capital, with policy reforms and business environment optimization continuing to release industrial growth momentum;
• The “industry–capital” dual-engine drive will be a core theme in the coming years, where international capital brings not only funding but also governance, standards, and market confidence;

Through deeper cooperation with Hong Kong as an international financial center, Cambodia looks forward to attracting more long-term capital and industrial resources to support real-sector development and capital market growth.

III. Remarks by Mr. Darren Teng,

Deepening Cooperation with Haitong International to Advance Broker Synergy, Cross-Border Investment, and Dual Listings

Mr. Darren Teng stated that the Cambodian securities company will leverage market platforms and professional services to further deepen comprehensive cooperation with Haitong International, promoting more direct, in-depth, and normalized collaboration between securities firms in both markets. Key implementation areas include:

• Jointly promoting Cambodian enterprises’ financing in Hong Kong, including Hong Kong listings, Hong Kong–Cambodia dual listings, and joint bond issuances (including Dim Sum bonds);
• Introducing more international capital into the Cambodian market through research collaboration, product cooperation, investor education, and roadshows to enhance market liquidity and international participation;
• Expanding two-way business and product systems, enabling Cambodian investors to access more international and diversified investment products through compliant channels while gradually enhancing cross-border capabilities;
• Driving cooperation through concrete projects, establishing joint project advancement and coordination mechanisms with Haitong International to translate intentions into tangible results.

A “Two-Stage” RMB Bond Roadmap:

First Dim Sum Bonds, Then Onshore RMB-Denominated Bonds in Cambodia

The meetings further clarified an implementable two-stage roadmap:

Stage One:
Support leading high-quality Cambodian enterprises to issue Dim Sum Bonds (CNH) in Hong Kong, leveraging the city’s mature market and international investor base to establish credit curves and market pricing benchmarks.

Stage Two:
Promote the issuance of RMB-denominated bonds within Cambodia. During discussions with Bank of China (Hong Kong), the parties reached a consensus on having BOCHK assume the roles of Custodian Bank and Settlement Bank under relevant mechanisms, laying the groundwork for product implementation and infrastructure development in Cambodia.

Promoting On-Site Visits to Cambodia

Advancing Institutionalized and Project-Based Cooperation

All parties agreed that in the early stages of market development, participation by international institutional investors is particularly critical to liquidity, pricing mechanisms, and confidence building. Going forward, timelines will be coordinated to facilitate site visits and project matchmaking in Cambodia by Hong Kong partners, accelerating key initiatives such as Dim Sum bond issuance, dual listings, and securities firm cooperation.

Dual Engines of Dim Sum Bonds and Dual Listings

Opening a New Chapter in China–Cambodia Capital Market Cooperation

The Cambodian delegation noted that, through joint engagement by regulators, macroeconomic stakeholders, and market platforms, the visit has resulted in a clearer roadmap and execution rhythm. Looking ahead, Cambodia will continue to advance institutionalized cooperation with Hong Kong in the capital market sector, expand dual listing and cross-border financing channels, attract more long-term capital and industrial resources, and jointly build a more internationally connected, efficient, and resilient Cambodian capital market ecosystem.