Lenovo Heats Up Hong Kong’s Dim-Sum Bond Market

Lenovo Group Ltd. is waking up Hong Kong’s sleepy dim-sum bond market with this year’s largest sale of offshore yuan debt, but at a cost.

The Chinese computer maker is selling up to $650 million of five-year bonds denominated in yuan and sold in Hong Kong with a coupon ranging from 4.95% to 5.05%, according to a term sheet viewed by The Wall Street Journal.

On Wednesday afternoon, the order book for Lenovo’s bond totaled 20...