Hong Kong and Cambodia are entering a more structured phase of capital-market cooperation, focused on offshore RMB bonds (Dim Sum bonds) and dual listings to enhance market connectivity.

On 18 December 2025, a Cambodian delegation led by H.E. Sou Socheat, Chairman of the Securities and Exchange Regulator of Cambodia (SERC), visited Hong Kong for meetings with Hong Kong Exchanges and Clearing (HKEX), Haitong International, and Bank of China (Hong Kong). The discussions covered pathways for RMB bond issuance, dual-listing mechanisms, and broker-level collaboration, resulting in agreements to advance cooperation in an institutionalised and actionable manner.

HKEX shared its experience in developing the Dim Sum bond market, including issuance structures, disclosure requirements, investor participation, and secondary-market operations. The discussions focused on how Hong Kong’s offshore RMB framework can serve as a reference for Cambodia, particularly regarding regulatory alignment, product design, and investor access.

A two-stage RMB bond roadmap was outlined:

• Stage One: Leading Cambodian corporates to issue Dim Sum bonds in Hong Kong, leveraging established pricing mechanisms and international investor participation to build credit benchmarks.

• Stage Two: Explore RMB-denominated bond issuance within Cambodia. Discussions with Bank of China (Hong Kong) covered its potential role as custodian and settlement bank, providing the foundation for local market infrastructure.

H.E. Sou Socheat emphasised Cambodia's priority to strengthen cooperation with HKEX and promote dual listings, enabling domestic companies to access international capital, increase investor coverage, and improve financing efficiency while aligning with international standards.

At the market-platform level, Tang Chun-yue, Chairman of Cambodia Securities Plc, outlined plans to deepen collaboration with Haitong International, including:

• Joint support for Hong Kong listings and dual listings.

• Coordinated bond issuances, including Dim Sum bonds.

• Enhanced research, product development, and investor engagement to improve liquidity and international participation.

• Structured project-level cooperation to translate agreements into actionable outcomes.

The cooperation indicates Cambodia's strategy of validating its domestic market through Hong Kong's established framework before expanding onshore RMB instruments. Early participation by international institutional investors is expected to be crucial for liquidity, price discovery, and market confidence. Follow-up activities will include on-site engagements in Cambodia to operationalise the Dim Sum bond issuance, dual listings, and cross-border broker collaboration.

Together, Dim Sum bonds and dual listings form a coordinated approach to building a connected, investable, and internationally credible Cambodian capital market.