China Securities Association: H1 Tech Innovation Bond Underwriting Tops RMB 500 Billion

Special statistics on securities companies' bond underwriting for the first half of 2026, released on the evening of August 18, showed that the securities industry achieved rapid growth in bond underwriting across key areas including technology innovation and the private economy. Technology innovation bond underwriting surpassed RMB 500 billion, while private enterprise bond underwriting exceeded RMB 320 billion. Underwriting volumes for SME support bonds, low-carbon transition bonds, and green bonds each grew by more than 100% year on year.

In the first half, 73 securities firms acting as lead underwriters for technology innovation bonds underwrote a combined 553 bonds, up 45.53% year on year, with total value of RMB 500.078 billion, up 31.12%. Three firms each exceeded RMB 60 billion in lead underwriting. CITIC Securities led the industry with RMB 83.826 billion, followed by Guotai Haitong with RMB 64.831 billion and China Securities with RMB 64.226 billion in third place.

For private enterprise bonds, 60 securities firms acting as lead underwriters underwrote 250 bonds totalling RMB 321.487 billion, up 34.29% year on year. CITIC Securities led with RMB 50.466 billion in lead underwriting, followed by Ping An Securities with RMB 49.531 billion and China Securities with RMB 18.829 billion in second and third places respectively.

SME support bond underwriting achieved a breakthrough. Fifty-two securities firms acting as lead underwriters underwrote 103 bonds totalling RMB 55.67 billion, up 370.98% year on year. CICC, China Merchants Securities Asset Management, Huatai Securities Asset Management, Guotai Haitong Asset Management, and CITIC Securities each exceeded RMB 3 billion in lead underwriting, at RMB 6 billion, RMB 5.795 billion, RMB 4.887 billion, RMB 3.34 billion, and RMB 3.277 billion respectively.

Green and low-carbon transition bond volumes expanded rapidly. Fifty-eight securities firms acting as lead underwriters for green bonds underwrote 125 bonds totalling RMB 125.404 billion, up 110.96% year on year. CITIC Securities led with RMB 28.493 billion in lead underwriting, followed by China Securities with RMB 16.737 billion and Guotai Haitong with RMB 8.052 billion. Thirty-eight securities firms acting as lead underwriters for low-carbon transition bonds underwrote 53 bonds totalling RMB 28.42 billion, up 240.36% year on year, with GF Securities, Guotai Haitong, and Orient Securities ranking in the top three by lead underwriting volume.

Rural revitalization bond business maintained steady growth, with 54 securities firms acting as lead underwriters underwriting 77 bonds totalling RMB 39.437 billion, up 48.13% year on year. Guosen Asset Management, GF Securities, and Guotai Haitong ranked in the top three. For Belt and Road bonds, 13 securities firms acting as lead underwriters underwrote 7 bonds totalling RMB 3.3 billion, with GF Securities, Huatai United, and Tianfeng Securities tied for first place in lead underwriting volume. A total of 65 securities firms participated in the issuance of local government bonds, with combined winning bids of RMB 257.716 billion, led by Guotai Haitong, Huatai Securities, and China Galaxy Securities, each exceeding RMB 20 billion in actual winning bid amounts.