The nation's first high-growth industry bond renewal issuance has been successfully implemented, with the Shanghai Stock Exchange's combined efforts helping to facilitate financing for industrial enterprises.

Recently, Nanshan Group Co., Ltd. (hereinafter referred to as “Nanshan Group”) successfully reissued the technology innovation bond “25 Nanshan K1” on the Shanghai Stock Exchange, with a reissue scale of 500 million yuan, becoming the first reissue project of high-growth industrial bonds in the market. Investors including banks, public funds, private equity funds, securities, and trusts eagerly subscribed, providing practical experience to activate the secondary liquidity of high-growth industrial bonds.

Reactivating High-Growth Industrial Bond Liquidity

Since its initial issuance, the “25 Nanshan K1” has seen active market trading. As of February 2026, several securities firms have spontaneously provided liquidity services such as inquiry pricing, with the cumulative number of transactions and liquidity significantly exceeding that of general corporate bonds. After the reissue, the outstanding scale of “25 Nanshan K1” increased from 1 billion yuan to 1.5 billion yuan, meeting the admission standards for benchmark market-making bonds on the Shanghai Stock Exchange. The liquidity of the bonds is expected to further improve after the merger listing.

As a comprehensive private enterprise, Nanshan Group has issued three phases of high-growth industrial bonds on the Shanghai Stock Exchange. Nanshan Group stated, “In the past, some investment institutions had many concerns regarding investments in private enterprise bonds. The high-growth industrial bonds of the Shanghai Stock Exchange, relying on advantages in information disclosure, investor protection, and inquiry pricing mechanisms in both primary and secondary markets, have effectively enhanced investors’ willingness to participate in private enterprise bond investments. This reissue is a new attempt by Nanshan Group in the capital market, which not only increases the convenience of corporate bond financing but also helps alleviate the issue of high financing costs due to insufficient bond liquidity.”

Journalists have observed that in recent years, the Shanghai Stock Exchange has launched many high-growth industrial bond products like “25 Nanshan K1,” which feature relatively high coupon rates and short to medium durations, satisfying investors’ demand for increased returns while controlling duration risk, attracting significant attention and subscriptions from non-bank institutions.

Institutions that participated in this bond reissue have indicated that as the reissue mechanism is promoted, the liquidity of such bonds will further improve, helping investors deeply explore investment value and promoting the discovery of high-growth industrial bond value.

“Combination Punch” to Assist Industrial Enterprise Financing

The Shanghai Stock Exchange continues to deepen the linkage between the primary and secondary bond markets, steadily promoting product and mechanism innovation, and providing comprehensive services for enterprise financing needs.

It is understood that the high-growth industrial bonds on the Shanghai Stock Exchange focus on a comprehensive and multi-dimensional development. There are special arrangements in aspects such as information disclosure mechanisms, investor protection mechanisms, active secondary market mechanisms, investment and financing matching mechanisms, and rating tracking mechanisms. The work focuses on building a positive ecosystem of industrial bonds characterized by “active trading, sufficient pricing, and effective disclosure” to assist in industrial upgrading and technological innovation, effectively serving the financing needs of industrial issuers.

By the end of 2025, the Shanghai market had cumulatively issued 112 high-growth industrial bonds, with an issuance amount of 68.348 billion yuan, providing strong support from the bond market to the real economy.

The reissue of “25 Nanshan K1” represents a “strong alliance” between high-growth industrial bonds and the reissue mechanism. In May 2025, the Shanghai Stock Exchange took the lead in launching the reissue business for corporate bonds. In less than a year, the cumulative reissue scale in the Shanghai market exceeded 100 billion, covering a variety of bond types including general corporate bonds, technology innovation bonds, and securities company bonds.

In addition, the Shanghai Stock Exchange has successfully established a “micro-circulation” in the secondary bond market through the linkage arrangements between corporate bond reissues, market-making mechanisms, and bond ETF products. Many bonds have smoothly become benchmark market-making bonds through the reissue mechanism and have been included in the configuration range of credit bond ETFs.

A senior investment banking professional pointed out, “The first national reissue of high-growth industrial bonds landing effectively expands the bond scale for issuers, reduces financing costs, and enhances secondary market liquidity; for the market, it promotes the implementation of the ‘credit equals yield’ concept, providing replicable innovative experience for the market.”