AsianFin--China's leading companies have set a new record by raising $14 billion in offshore convertible bonds this year, as they seek to diversify their funding sources amid persistently high interest rates.

According to LSEG data, offshore convertible bonds from mainland China now represent 22% of global deals. This surge follows Alibaba Group's $5 billion raise in May and Ping An Insurance's $3.5 billion transaction last week.

This year's total marks a staggering 1,588% increase compared to the same period in 2023, when only $829.3 million was raised in convertible bonds.

The rise in Chinese convertible bond issuance is fueling optimism among dealmakers that capital market activity may soon pick up, particularly in Hong Kong, where IPOs have reached their lowest level in 15 years. The previous peak was $10.9 billion in 2021.