ZTCHoldings Co., Ltd. ("ZTCHoldings") recently successfully issued 2025 Sci-Tech Innovation Corporate Bonds (Series 1) (the “Bonds”) to professional investors on the Shenzhen Stock Exchange. The Bonds were among the first non-financial sci-tech innovation bonds issued in China and the first ever non-financial sci-tech innovation bonds issued in Shenzhen, following the introduction of the sci-tech innovation bond policy. A total of RMB 1 billion bonds were issued, with a subscription ratio of 4.27. The final coupon rate was 1.80%, setting a historical low for the coupon rate of private enterprises’ corporate bonds. This reflects investors' recognition and affirmation of ZTCHoldings' performance in the sci-tech industry and its innovative power, and demonstrates the company’s positive response and strong support for the sci-tech innovation bond policies recently introduced by the state.
ZTCHoldings was founded in 1985 and formally established in 1993. It is the controlling shareholder of two listed companies: ZTE Corporation (SZ.000063/HK.00763) and Pylon Technologies Co., Ltd. (SH.688063). After more than three decades, ZTCHoldings has grown into a large investment holding group with assets under management of nearly RMB 200 billion. Its business covers a wide range of industries including information and communications, intelligent manufacturing, new energy storage, enterprise-level services and fund investment. The issuance of the Bonds is an important measure for ZTCHoldings to actively implement their plan of "strengthening technological innovation and the resilience of the industrial chain and the supply chain," as well as integrate into the virtuous cycle of "technology-industry-finance" and promote its high-quality development.
JunHe previously acted as the legal counsel to ZTCHoldings in its issuance of 2024 sci-tech innovation corporate bonds, medium-term notes and super-short-term commercial papers. JunHe also acted as the issuer’s counsel in the issuance of these corporate bonds and provided strong legal support throughout the whole process. We were involved in the demonstration of the proposal, conducted the legal due diligence, drafted the legal opinions, prepared filing materials, built the book and witnessed the placement on site. We communicated and collaborated with ZTCHoldings and the other intermediaries, demonstrating the collaborative spirit and efficient execution of our team. With its efficient delivery of legal services and detail-oriented and professional expertise, JunHe was highly trusted and unanimously recognized by ZTCHoldings and the other intermediaries.
The JunHe team was led by partners WEI, Wei and [[HUANG, Wei], both of whom were also responsible for the specific work of the project. JunHe partner YE, Junli provided support for the internal control.