Yulan Issuance Model is an offshore bond issuance framework under which Shanghai Clearing House serves as the central registrar and custodian, applying internationally accepted market practices such as multi-tier custody arrangements to facilitate bond issuance in offshore markets. The model is named after the Yulan, Shanghai’s official city flower.
As of Q2 2026, Shanghai Clearing House has facilitated the issuance of a total of 22 offshore bonds under the Yulan Issuance Model, with cumulative issuance volume exceeding RMB 28 billion (or its equivalent).
