Wuxi Hi-Tech Zone Issues First Tech Bond for Token Computing Plant
Wuxi Hi-Tech Zone Science and Technology Innovation Group issued China's first science and technology innovation corporate bond dedicated to building a token computing plant on the Shanghai Stock Exchange. Proceeds will fund Wuxi Suihong Huachuang Technology's token factory project. As of August 6, 2026, cumulative issuance of such bonds reached 1175 issues, up 3.98% year on year, with total volume of RMB 1147.573 billion and an average coupon of 1.93%, down 13 basis points from 2025. The market also saw expanded tenors and innovative structures.
Wuxi High-tech Zone Science and Technology Industry Development Group successfully issued the country's first science and technology innovation corporate bond dedicated to the construction of a token computing plant on the Shanghai Stock Exchange. The proceeds will be invested in the token factory project of Wuxi Suihong Huachuang Technology Co. , Ltd. The issuance marks the establishment of a direct financing channel between the capital market and AI computing infrastructure.
As of August 6, 2026, a cumulative total of 1,175 science and technology innovation corporate bonds had been issued since the start of the year, up 3.98% year on year. The total issuance volume reached RMB 1,147.573 billion, with an average coupon rate of 1.93%, down 0.13 percentage points from the same period in 2025. Issuance volume has remained at a high level, making these bonds one of the core debt financing tools for financial services supporting technological innovation.
In terms of maturity structure, 30-year and 40-year ultra-long-term science and technology innovation bonds have been issued in 2026, breaking the previous maximum maturity of 20 years set in 2025. In addition, renewable science and technology innovation corporate bonds with "3+N" and "5+N" structures have been issued successively, matching the long research and development cycles of technology projects through flexible renewal mechanisms.
In terms of product types, 81 composite labelled bonds combining science and technology innovation with other thematic attributes were issued during the year, with an issuance scale of RMB 81.478 billion. The issuance scale of performance-linked science and technology innovation bonds reached RMB 8.4 billion, up 21.74% year on year. In July, the country's first revenue-linked science and technology innovation bond was issued on the Shanghai Stock Exchange. The product links the coupon rate to key performance indicators, forming a market-based constraint mechanism.
In terms of fund use, the investment scope of science and technology innovation bonds has continued to broaden, expanding from a past focus on daily operations and equipment procurement of technology enterprises to underlying hardware infrastructure construction, including computing power infrastructure, laboratory platforms, hard-technology industrialisation bases, and specialised and innovative industrial parks.
In terms of policy, in March, the National Association of Financial Market Institutional Investors issued a notice stipulating that science and technology innovation bonds issued by technology enterprises should have a maturity of at least 270 days, while those issued by equity investment institutions should have a maturity of at least three years. The notice refined the criteria for identifying technology enterprises, broadened the scope of issuers, and optimised the management of raised fund use.