Wuxi High-Tech Zone Issues China's First Token Computing Plant Sci-Tech Bond; 2026 Issuance Tops RMB 1.2

Wuxi High-Tech Zone Sci-Tech Industry Development Group recently issued China's first sci-tech innovation corporate bond specifically for the construction of token (Token) computing plants on the Shanghai Stock Exchange. Since 2026, the issuance scale of sci-tech bonds has exceeded RMB 1.2 trillion, with product innovation intensifying and market size steadily climbing.

As of August 19, a total of 1,240 sci-tech bonds have been issued since 2026, with a combined issuance scale of RMB 1,207.569 billion, representing increases of 60.41% and 25.66% compared with the same period in 2025. Several national firsts have been achieved, including a triple-labeled bond for "sci-tech innovation + high growth + low-altitude economy" and a return-linked sci-tech bond, the latter issued on the Shanghai Stock Exchange in July.

In terms of maturity structure, three-to-five-year maturities dominate, accounting for about 72%, and ultra-long-term sci-tech bonds with 30-year and 40-year maturities have been issued, breaking the previous maximum maturity limit of 20 years in 2025. The issuance rates of new sci-tech bonds are 2 to 8 basis points lower than ordinary credit bonds of the same rating and type. For example, in the interbank market, the weighted average issuance rate of sci-tech bonds of the same rating and maturity is lower than that of comparable corporate bonds and medium-term notes.

Issuers have expanded from traditional enterprises to venture capital institutions and financial institutions, with increased bond issuance by private enterprises. On the policy front, top-level policies support the development of sci-tech bonds, and local policies are being implemented in coordination. Since April, many regions have introduced supporting incentive policies such as issuance fee subsidies, interest discounts, and guarantee credit enhancement. In terms of product innovation, multiple sci-tech innovation exchangeable corporate bonds and sci-tech bonds with exchangeable clauses have been issued this year, covering unlisted technology companies through a combination of equity and debt.