Bond Connect Outstanding Participants 2025
24 September 2025
Northbound Top Market Makers
| Industrial and Commercial Bank of China Ltd. |
| Agricultural Bank of China Ltd. |
| Bank of China Ltd. |
| China Construction Bank Corp. |
| Bank of Communications Co., Ltd. |
| China CITIC Bank Corp., Ltd. |
| Shanghai Pudong Development Bank |
| China Merchants Bank Co., Ltd. |
| Industrial Bank Co., Ltd. |
| Bank of Shanghai Co., Ltd. |
| HSBC Bank (China) Co., Ltd. |
| Standard Chartered Bank (China) Ltd. |
| BNP Paribas (China) Ltd. |
| Deutsche Bank (China) Co., Ltd. |
| CITIC Securities Co., Ltd. |
| Guotai Haitong Securities Co., Ltd. |
| Orient Securities Co., Ltd. |
| China International Capital Corp., Ltd. |
| China Securities Co., Ltd. |
| Huatai Securities Co., Ltd. |
Northbound Outstanding Asset Management Companies
| AllianceBernstein |
| Asset Management One Co., Ltd. |
| BlackRock |
| HSBC Global Asset Management (Hong Kong) Limited |
| Morgan Stanley Investment Management Inc |
| Nomura Asset Management Co. Ltd |
| PIMCO Asia Pte Ltd |
| Schroder Investment Management (Hong Kong) Limited |
| State Street Investment Management |
| UBS Asset Management Switzerland AG |
Northbound Outstanding Commercial Banks
| Agricultural Bank of China Limited Hong Kong Branch |
| Bank of China (Hong Kong) Limited |
| BNP Paribas Hong Kong Branch |
| China Construction Bank (Asia) Corporation Limited |
| China Construction Bank Limited Hong Kong Branch |
| China Everbright Bank Co., Ltd Hong Kong Branch |
| CMB Wing Lung Bank Limited |
| DBS Bank Ltd |
| DBS Bank Ltd., Hong Kong Branch |
| Industrial and Commercial Bank of China (Asia) Limited |
| Industrial Bank Co., Ltd. Hong Kong Branch |
| OCBC |
| Shanghai Pudong Development Bank Co., Ltd. Hong Kong Branch |
| Standard Chartered Bank (Hong Kong) Limited |
| The Hongkong and Shanghai Banking Corporation Limited |
| UBS AG London Branch |
Northbound Outstanding Investment Banks
| China International Capital Corporation (International) Limited |
| Goldman Sachs |
| Guotai Junan Financial Products Limited |
Northbound Top Custodians
| Agricultural Bank of China Limited Hong Kong Branch |
| Bank of China (Hong Kong) Limited |
| Bank of Communications Trustee Limited |
| BNP Paribas |
| China Construction Bank (Asia) Corporation Limited |
| Citibank N.A. |
| DBS Bank Ltd., Hong Kong Branch |
| HSBC Nominees (Hong Kong) Limited |
| Industrial and Commercial Bank of China (Asia) Ltd |
| Standard Chartered Bank (Hong Kong) Limited |
Northbound Top FX Settlement Banks
| Bank of China (Hong Kong) Limited |
| Standard Chartered Bank (Hong Kong) Limited |
| The Hongkong and Shanghai Banking Corporation Limited |
Outstanding Primary Market Institutions (Issuer)
| Agricultural Bank of China Limited Hong Kong Branch |
| Industrial Bank Co., Ltd. Hong Kong Branch |
Outstanding Primary Market Institutions (Underwriter)
| Agricultural Bank of China Limited Hong Kong Branch |
| China CITIC Bank International Limited |
| China International Capital Corporation (Hong Kong) Limited |
| China Securities (International) Corporate Finance Company Limited |
| CLSA Limited |
| CMB International Capital Limited |
| CNCB (Hong Kong) Capital Limited |
| Guotai Junan International |
| Huatai Financial Holdings (Hong Kong) Limited |
| Industrial Bank Co., Ltd. Hong Kong Branch |
| Orient Securities (Hong Kong) Limited |
| TFI Securities and Futures Limited |
Outstanding Cross-border Subscription Institutions (Issuer)
| China CITIC Bank Corp., Ltd. |
| China Construction Bank Corp. |
| China Development Bank |
Outstanding Cross-border Subscription Institutions (Investor)
| Bank of Communications (Hong Kong) Limited |
| China International Capital Corporation (International) Limited |
| CITIC Securities International Capital Management Limited |
Outstanding Cross-border Subscription Institutions (Underwriter)
| China International Capital Corp., Ltd. |
| CITIC Securities Co., Ltd. |
Outstanding Marketing Partners
| Bank of China Ltd. |
| China CITIC Bank Corp., Ltd. |
| China Construction Bank (Asia) Corporation Limited |
| China International Capital Corp., Ltd. |
| Citi Bank N.A. Hong Kong Branch |
| CITIC Securities Co., Ltd. |
Northbound Growth Institutions
| China Construction Bank Corporation Labuan Branch |
| China Minsheng Banking Corp., Ltd. |
| CIBC Asset Management Inc. |
| GF Securities Co., Ltd. |
| Guardians of New Zealand Superannuation |
| Malayan Banking Berhad Hong Kong Branch |
| The Vanguard Group Inc. |
| UBS Asset Management (Australia) Ltd |
Northbound Outstanding Individuals
| Chloe Yao | Industrial Bank Co., Ltd. |
| Eden Piao | Deutsche Bank (China) Co., Ltd. |
| Elaine Shao | China International Capital Corp., Ltd. |
| Eric Wang | Agricultural Bank of China Ltd. |
| Gail Hu | HSBC Bank (China) Co., Ltd. |
| Gefei Ding | Orient Securities Co., Ltd. |
| Jesse Yang | Guotai Haitong Securities Co., Ltd. |
| Jingxu Xu | Bank of China Ltd. |
| Jingya Wu | China Merchants Bank Co., Ltd. |
| Kelly Zhao | BNP Paribas (China) Ltd. |
| Leiyan Chen | Bank of China Ltd. |
| Linlin Zhang | Shanghai Pudong Development Bank |
| Liqun Dai | Industrial and Commercial Bank of China Ltd. |
| Liz Xiong | Standard Chartered Bank (China) Ltd. |
| Pei Liu | China Construction Bank Corp. |
| Rachel Xu | Agricultural Bank of China Ltd. |
| Shepherd Li | China Securities Co., Ltd. |
| Tina Liu | Huatai Securities Co., Ltd. |
| Tom Zhu | HSBC Bank (China) Co., Ltd. |
| Tony Shan | CITIC Securities Co., Ltd. |
| Xuechao Xu | China CITIC Bank Corp., Ltd. |
| Yicheng Yang | Bank of Communications Co., Ltd. |
| Yu Li | Bank of Shanghai Co., Ltd. |
| Yun Qi | CITIC Securities Co., Ltd. |
| Yuzhi Zhao | Bank of Communications Co., Ltd. |
| Alex Tse | China Construction Bank (Asia) Corporation Limited |
| Bin Gao | Goldman Sachs |
| Chenhao Zhao | China International Capital Corporation (International) Limited |
| Deng Quan Chua | The Hongkong and Shanghai Banking Corporation Limited |
| Elaine Li | DBS Bank Ltd., Hong Kong Branch |
| He Zhao | China Construction Bank Limited Hong Kong Branch |
| Henry Hung | Standard Chartered Bank (Hong Kong) Limited |
| Jarrie Fan Wenjie | DBS Bank Ltd |
| Jiayu Miao | BNP Paribas Hong Kong Branch |
| Kannis Kan | Shanghai Pudong Development Bank Co., Ltd. Hong Kong Branch |
| Kelvin Zhao | UBS AG London Branch |
| Kristiana Hu | Bank of China (Hong Kong) Limited |
| Melody Cao | OCBC |
| Siyuan (Roy) Si | China Everbright Bank Co., Ltd Hong Kong Branch |
| Viola Chen | Industrial and Commercial Bank of China (Asia) Limited |
| Wui Man Raymond Choy | Agricultural Bank of China Limited Hong Kong Branch |
| Xi Chen | CMB Wing Lung Bank Limited |
| Yiyan Zhu | Guotai Junan Financial Products Limited |
| Yunfei Ge | Industrial Bank Co., Ltd. Hong Kong Branch |
*Listed in no particular order