The latest announcement is out from Asia Orient Holdings ( (HK:0214) ).

Asia Orient Holdings and Asia Standard International Group, both Bermuda-incorporated investment holding companies listed in Hong Kong, manage diversified financial portfolios that include structured products and Chinese corporate notes. Their strategies often involve total return swap structures to hold indirect interests in debt securities issued by mainland entities such as Guangzhou R&F and Pearl River, aligning their investment focus with China-related credit markets.

The two groups announced that they have discontinued their total return swap arrangements with Morgan Stanley and, on 21 July 2026, entered into replacement total return swap agreements with CMB International. Under the new CMBI structures, the groups will maintain indirect exposure to the same Guangzhou R&F and Pearl River notes, with aggregate consideration and corresponding proceeds of RMB310,688,391, signaling continuity in their China credit positions while shifting counterparties.

The relevant underlying instruments include 6.7% and 7.0% Guangzhou R&F notes maturing on 30 September 2026, with a combined notional value of approximately RMB1.3 billion held across subsidiaries of Asia Orient and Asia Standard. The move to CMBI as swap counterparty suggests a reconfiguration of financing and risk management arrangements rather than a change in asset exposure, with implications mainly for how these Hong Kong-listed investors structure and manage their mainland bond holdings.