Trophy Outstanding Underwriter China Offshore Bond Outstanding Institution Alliance · 2024–2025 / 2026
Bond Investment Banking
BOND INVESTMENT BANKING
Professional underwriting and pricing · full investor coverage
Sigma Capital is an SFC Type 1, 4 and 9 licensed securities firm in Hong Kong. The Group’s core team comes from leading onshore and offshore banks, serving large SOEs, LGFV platforms and growth corporates.
Credentials
Awards include DMI and Golden Tenor honours across offshore RMB, LGFV DCM, investing and fixed-income fund categories, as well as Outstanding Underwriter at the China Offshore Bond Outstanding Institution Alliance for 2024–2025 and 2026. In 2025, DMI ranked the Group 5th among LGFV Dim Sum underwriters (including the market’s first non-financial Dim Sum innovation) and 18th overall in offshore bonds.
Trophy Outstanding Underwriter 
Trophy DMI 2025 Best Innovation DCM House China Bond Information · Sigma Capital
Trophy Golden Tenor 2024 Outstanding LGFV underwriter · outstanding investor · outstanding offshore FI fund
Award Golden Tenor 2025 Outstanding CNH bond underwriter · outstanding investor · outstanding offshore FI fund
Award Golden Tenor 2024 Outstanding offshore FI fund · outstanding LGFV underwriter · outstanding investor
Award Golden Tenor 2023 Outstanding underwriter (LGFV)
Award DMI 2025 Best Innovation DCM House China offshore bond annual awards
Selected transactions
Sigma has completed more than 150 offshore bond issues, totalling about RMB 110 billion equivalent. Selected transactions include:
- Yihe Holding Dim Sum was the first non-financial foreign-currency Dim Sum globally, and the first Dim Sum successfully issued in the 2025 market
- Jinjiang Investment JPY was Taixing’s first JPY bond and set the lowest coupon for an unsecured direct offshore issue in Taixing
- Nanyang Communications Group’s August 2024 Dim Sum set the record for the largest LGFV Dim Sum in Henan
- Lujiang Rural Revitalisation Dim Sum set the record for the largest LGFV Dim Sum in Anhui
- Nanping Wuyi Dim Sum was Fujian’s first ICBC SBLC-backed non-financial offshore bond, at a new low for Fujian offshore RMB coupons
- Linyi Lanshan Caijin Dim Sum carried the lowest same-tenor city-bank SBLC Dim Sum coupon nationally since 2023
- Linyi Lanshan Caijin JPY was the first district-level platform JPY bond in Shandong
- Taizhou Sanfu Heavy Industry was a Sigma-led private-enterprise issue with non-Big-Four SBLC credit enhancement, with the final coupon held within 2%
- CNGR set the longest-tenor green USD bond for a private-enterprise issuer since 2022
- Red Star Macalline set the largest single offshore issue for a private-enterprise issuer under a bank SBLC credit-enhancement structure since 2022
- Nanxun Communications successfully issued Nanxun District’s first Shanghai FTZ offshore bond
- Nanchang Airport Economic Zone LGFV FTZ bond was Nanchang’s first FTZ offshore RMB bond, setting Jiangxi records for the largest single FTZ issue size and the lowest coupon
Coverage
Outlook
As offshore new-issue channels tighten, DCM competition is shifting from access and pricing toward deeper client coverage, tailored product combinations and cross-market funding. The Group is moving from a single-product underwriter toward integrated 2B/G solutions, industrial-transformation clients, and new issuer types including overseas, Belt-and-Road, resources and technology names.