Reported by reporter Wu Lihua and Zhang Juan in Beijing
In recent years, from the launch of technological innovation corporate bonds (hereinafter referred to as "technological innovation bonds") to the implementation of the special support plan for private enterprise bond financing, the exchange bond market has continued to make efforts to promote the accumulation of factor resources in the field of technological innovation. Further enhance the capital market's ability to serve the real economy and help stabilize the macroeconomic market.
Science and Technology Debt Accurately Supports Technological Innovation
A few days ago, the first batch of science and technology innovation bonds such as SDIC Group, Three Gorges Group, Hualu Holdings, and Jiangsu Yonggang were successfully issued on the Shanghai Stock Exchange, with a total issuance of 14.6 billion yuan.The interest rates of the first batch of 2-3-year state-owned science and technology innovation bonds were all lower than 2.8%, and the issuance costs for many broke record lows.Among them, Hualu Holdings issued the country's first technology innovation and low-carbon transformation corporate bond in this issue, with an issuance scale of 500 million yuan and a final coupon rate of only 2.60%; SDIC Group's first issuance of dual-type technology innovation bonds with a 10-year coupon The interest rate is as low as 3.62%; the coupon rate of the Three Gorges Group’s science and technology bonds is as low as 0.1%, and the total amount of tenders is 10 trillion, all of which have been actively subscribed by investors.
On May 20, the Shanghai Stock Exchange issued and implemented the "Guidelines No. 4 of the Shanghai Stock Exchange on the Application of the Review Rules for Issuance and Listing of Corporate Bonds - Corporate Bonds of Technological Innovation".The China Securities Regulatory Commission stated that the technology innovation bond aims to strengthen the bond market's precise support and direct access to funds in the field of technology innovation, and mainly serves four types of issuers, including technology innovation enterprises, technology innovation upgrading, technology innovation investment and technology innovation incubation. , focusing on supporting the financing needs of high-tech industries, strategic emerging industries, and the transformation and upgrading of traditional industries.
Yang Chang, head of the policy group and chief analyst of the Zhongtai Securities Research Institute, told the "Economic Information Daily" reporter that the launch of science and technology bonds, on the one hand, further clarified the orientation of supporting scientific and technological innovation, and conformed to the national innovation-driven development strategy. direction, increasing bond financing channels for science and technology enterprises.On the other hand, the bond market is relatively liquid at this stage, and the signs of short-term congestion are also obvious. The implementation of science and technology bonds will help alleviate the signs of short-term asset shortages.The first batch of science and technology innovation bonds are mainly state-owned enterprises, but also include private enterprises represented by Jiangsu Yonggang, which is conducive to setting a benchmark for expanding the financing channels of private enterprises, especially private science and technology enterprises.
The launch of science and technology bonds is an important measure for the China Securities Regulatory Commission to promote and improve the bond financing support mechanism for private enterprises.In March this year, the China Securities Regulatory Commission announced that it plans to introduce a series of policy measures to further expand the channels for private enterprise bond financing and enhance the quality and efficiency of serving the private economy.Among them, there are mentions of science and technology bonds and the creation of credit protection tools.
Special support plan to help private enterprises to finance
In addition to science and technology bonds, a special support plan for private enterprise bond financing has also been officially launched in the near future.
The special support plan for private enterprise bond financing is implemented by China Securities Finance Co., Ltd. with its own funds. By cooperating with bond underwriting institutions to create credit protection tools, etc., the credit enhancement support has market, promising, technological competitiveness and is in line with the national Private enterprise bond financing for industrial policy and strategic direction.For the first project, the special support plan and financial institutions jointly provided 100 million yuan of credit enhancement support for "GC Epistar 01", and helped corporate bond financing of 500 million yuan."GC Jingdian 01" is a rural revitalization carbon-neutral green corporate bond issued by Jinko Technology, a private listed company. The funds raised are mainly used for rural revitalization and green carbon-neutral photovoltaic power station projects.
On May 20, the Shenzhen Stock Exchange added two new projects under the special support plan for private real estate and private high-end manufacturing enterprises' bond financing. " and "Huatai-Guojun-Sany High-end Manufacturing 2022 Phase 1 Asset-Backed Special Plan Priority 02 Asset-Backed Securities", the product scale is 500 million yuan and 428 million yuan respectively.China Securities Finance, China Securities Investment and Huatai Securities jointly established credit protection tools to help "22 Bidi 01" and "Sanyyou 2" achieve issuance rates of 4.5% and 2.85%, which are far lower than the comparable interest rates of corporate bonds of the same term. Continue to send positive signals to the market.
Chen Li, chief economist of Chuancai Securities, told reporters that this year, the policy has given a lot of attention and support to the bailout of small, medium and micro enterprises and private enterprises. Multi-financial assistance.Sinolink Securities Research pointed out that since the beginning of this year, the regulatory authorities have mentioned credit risk mitigation tools many times in the relevant policies to support private enterprise financing, and recently, a number of credit protection tools targeting private enterprise bonds have been issued.The agency believes that China Securities Finance Corporation provides supporting services for securities companies' margin financing and securities lending business, and can use market-oriented means to regulate the supply of funds and securities in the securities market. The entry of China Securities Finance Corporation makes this measure signal significance at the policy level Stronger, more relevant policies may be implemented in the future.
A few days ago, the State Council issued the "Package of Policies and Measures for Solidly Stabilizing the Economy", proposing 33 specific policies and measures in six areas and the division of labor.Among them, it is mentioned to improve the efficiency of capital market financing.The Shanghai and Shenzhen Stock Exchanges responded positively, and the Shenzhen Stock Exchange held a seminar on "Innovative Financing Tools to Empower SMEs" on May 30.Research and discuss practical measures to use innovative products in the exchange bond market to alleviate the difficulty and expensive financing of small and medium-sized enterprises, and promote the better connection between the function of the bond market and the financing needs of small and medium-sized enterprises.
The Shanghai Stock Exchange stated that the technology innovation bond aims to further strengthen the precise support and effective allocation of the bond market to my country's scientific and technological innovation field.The next step will fully stimulate the enthusiasm of market players to participate, guide qualified issuers, especially high-quality private enterprises and other main force in my country's innovation and development, to issue bonds for financing, and promote direct bond financing to play a more active role in helping the national science and technology innovation strategy. .
(Editor in charge: Jiang Ninglu)
