Last Year Brokers Underwriting of Sci-Tech Innovation Bonds Exceeded 1 Trillion Yuan, Empowering Real Economy with Multi-Faceted Development

[Global Times Finance News] According to the latest data released by the China Securities Association (CSA), securities firms achieved impressive results in bond underwriting in 2025, especially in supporting technological innovation. The total amount of sci-tech innovation bonds underwritten by lead underwriters successfully surpassed one trillion yuan.

Image source: Screenshot from United Morning Post report

According to the CSA’s special statistics on bond (including corporate bonds) underwriting business for 2025 released on March 11, there were 83 securities firms serving as lead underwriters for sci-tech innovation bonds, underwriting a total of 998 bonds with a combined amount of 10,219.35 billion yuan (RMB, approximately 1,898 billion SGD). This data not only demonstrates the capital market’s support for tech innovation enterprises but also reflects the core role of securities firms in serving the national innovation-driven development strategy.

While fully supporting sci-tech innovation, securities firms also actively play their role in providing financial services to the real economy, helping key sectors develop from multiple angles. Statistics show that in supporting private enterprise financing, 61 securities firms served as lead underwriters (or asset securitization product managers) for 535 bonds (or products), with a total amount of 573.082 billion yuan, effectively alleviating financing difficulties for private enterprises.

Promoting green development is also an important direction for securities underwriting business. Last year, 58 securities firms served as lead underwriters (or asset securitization product managers) for 218 bonds (or products), with a total amount of 175.717 billion yuan; 32 securities firms served as lead underwriters for low-carbon transition bonds, underwriting 38 bonds with a total of 21.027 billion yuan, providing strong financial support for green and low-carbon transformation of the economy and society.

In addition, securities firms actively participate in rural revitalization, support for small and micro enterprises, and the Belt and Road Initiative. Statistics show that 54 securities firms served as lead underwriters for rural revitalization bonds, underwriting or managing 112 bonds (or products) with a total of 66.36 billion yuan; 47 firms supported small and micro enterprise bonds, underwriting 67 bonds with a total of 27.732 billion yuan; 28 firms participated as lead underwriters for Belt and Road bonds, underwriting 23 bonds with a total of 22.21 billion yuan.

It is noteworthy that securities firms’ participation in local government bond issuance is also steadily increasing. Data indicates that 72 securities firms participated in local government bond issuance in 2025, with a total winning bid amount of 454.378 billion yuan across 35 regions, demonstrating their active role in supporting proactive fiscal policies and local infrastructure development. (Wen Xin)