CDB Securities Reports 111.64 Billion Yuan in 2025 Tech Finance Financing

The year 2026 marks the opening of the 15th Five-Year Plan, with technology finance advancing from top-level design to deeper implementation. CDB Securities treats technology finance as a strategic main line driving coordinated efforts across investment banking, investment, and investment research, advancing related business through a model of using bond business to promote equity business and linking bonds with equities. The company focuses on three dimensions in technology finance: deepening sci-tech innovation bond underwriting to support the development of a technology board in the bond market; expanding industrial bond services to support technology breakthroughs by key enterprises; and strengthening coordination through bond underwriting, initial public offerings, private placements, and financial advisory channels to serve the asset structure optimization of leading enterprises in strategic emerging industries and manufacturing.

In 2025, CDB Securities achieved a cumulative total of 111.638 billion yuan in technology-finance financing, supporting China Machinery Industry, China North Industries, State Power Investment Corporation, Datang International, TBEA, and Hebei Iron and Steel Group in issuing sci-tech innovation bonds, and also participating in sci-tech innovation bond issuance by banking institutions. In the same year, the company assisted 25 enterprises in issuing sci-tech innovation bonds, with total issuance of 111.638 billion yuan. During the 14th Five-Year Plan period, the company achieved cumulative underwriting of more than 209.6 billion yuan in technology innovation bonds. Using industrial bonds as a key instrument, the company assisted COSCO Shipping, XCMG, Zoomlion, and Chengdu Industrial Investment Group in issuing 53.742 billion yuan of bonds in 2025.

During the 14th Five-Year Plan period, CDB Securities participated in 10 lead-underwritten equity transactions, with financing of 63.794 billion yuan and an underwriting share of 5.198 billion yuan. It completed projects including a private placement for JCET, an initial public offering for Piotech, and an initial public offering for Hua Hong Semiconductor, supporting core technology enterprises in the integrated circuit sector; completed a joint sponsorship private placement for Jinkai New Energy, supporting renewable energy development; and completed a private placement for BOE Technology.

The 2025 non-public issuance of Belt and Road sci-tech innovation corporate bonds by Guangxi Beibu Gulf International Port Group, underwritten by CDB Securities for professional investors, was the first sci-tech innovation corporate bond issued on a stock exchange in Guangxi after implementation of the new rules for the bond market technology board. The company also conducts technology-finance services through its wholly owned alternative investment subsidiary, which has established a project information sharing mechanism with the equity investment banking department, regularly conducts joint project assessment, and achieves project resource matching and collaborative conversion, preparing for the implementation of follow-on investment business.

Technology enterprises, especially early-stage sci-tech companies, are characterized by high growth, high risk, and asset-light operations. CDB Securities has established a philosophy of professional risk control and active management, adhering to the principles of not doing what it does not understand, not doing what it cannot manage, and not doing what it cannot continuously track. In client management, the company has established a three-dimensional screening standard of technology, industry, and finance, focusing on strategic fields such as integrated circuits, semiconductors, and advanced manufacturing, assessing enterprises' technological originality, position in the industrial chain, and governance compliance, and formulating internal credit rating management measures to continuously improve its internal rating management system and credit risk management system.

In due diligence, the company maintains a strict tone in business due diligence, focusing on penetrating verification of bond proceeds use and financial accounts; builds a composite due diligence system of industry, technology, law, and finance, introduces experts to participate in technology assessment, applies differentiated credit ratings to sci-tech enterprises, and appropriately increases the weight of assessments of technological strength and market prospects. In post-investment management, the company has established a professional team for duration management, refined duration management requirements, established a dynamic monitoring mechanism covering the full life cycle of bonds, and regularly tracks key indicators such as research and development progress and cash flow.

CDB Securities is guided by its strategic positioning of three focuses and one dedication. Leveraging the shareholder background of China Development Bank, the company serves sci-tech innovation projects and conducts investment-loan linkage, while promoting coordination between bond business and its technology-finance strategy, achieving connectivity from indirect financing to direct financing and from debt services to equity empowerment. The company said that over the next three years it will focus on technology finance and provide financial services for key areas and weak links in technological innovation.