China Interbank Market Dealers Association: Encourage enterprises to issue science and technology innovation bonds, green debt financing instruments, mergers and acquisitions notes, etc. for advanced manufacturing

The Zhitong Finance App learned that on November 4, the China Interbank Market Dealers Association issued the “Notice on Supporting the Development of Advanced Manufacturing Industries in the Interbank Bond Market”. It mentioned encouraging the release of innovative products. Encourage enterprises to issue science and technology innovation bonds, green debt financing instruments, mergers and acquisitions notes, etc. for advanced manufacturing. Support the issuance of advanced manufacturing asset securitization products using assets such as accounts receivable, intellectual property rights (including patents), and financial lease claims. Support the securitization of supply chain accounts receivable and supply chain notes assets based on the advanced manufacturing industry chain. Encourage flexible design of issuance terms in response to the characteristics of advanced manufacturing enterprises. Encourage enterprises in specific regions and industrial chains to distribute collectively to serve the development of advanced manufacturing clusters, strategic emerging industry clusters, and innovative industrial clusters.

The original text is as follows:

Notice on the interbank bond market supporting the development of advanced manufacturing

Zhongichi Xiefa [2026] No. 177

Each market member:

In order to thoroughly implement the important decisions and arrangements of the Party Central Committee and the State Council on continuing to expand and strengthen the advanced manufacturing industry, increase financial support for the advanced manufacturing industry, broaden diversified financing channels for the advanced manufacturing industry, and promote the intelligent, green and integrated development of the manufacturing industry, the relevant matters are hereby notified as follows.

1. Clarify support targets and guide accurate capital investment

(1) Advanced manufacturing support categories. The following two situations are supported:

1. The main business of the enterprise conforms to the areas determined by the Party Central Committee, the State Council and relevant competent departments on the development of new productivity and advanced manufacturing, etc., and the main business revenue in related fields has exceeded 50% in the past two years;

2. The capital raised by debt financing instruments is invested in advanced manufacturing sectors in accordance with the above policy documents, and the ratio is not less than 50%.

In principle, enterprises should register to issue advanced manufacturing debt financing instruments for a period of at least 1 year.

2. Improve support measures to improve the quality and efficiency of registration and distribution

(2) Simplified information disclosure arrangements. Those registered to issue advanced manufacturing debt financing instruments are exempt from updating the first quarter and third quarter situation in the prospectus. In order to meet the requirements of enterprise core technology confidentiality, etc., according to actual needs, disclosure of sensitive information such as the business model of the enterprise and important research projects can be simplified or exempted, and promises must not have a substantial impact on investors' judgments.

High-quality listed companies that issue advanced manufacturing debt financing instruments are supported to disclose the relevant situation in the past two and a half years in their registered issuance documents.

(3) Optimizing the lead underwriter group mechanism. Those registered to issue advanced manufacturing debt financing instruments may set up a lead underwriter group during the registration stage. At the time of each issue, one or more companies can be selected from the lead underwriters group to act as lead underwriters for the current debt.

(4) Improve distribution arrangements. If an enterprise reduces capital due to share repurchases and the scale of the capital reduction is less than 5% of the registered capital at the time of registration, or where the net assets fall by more than 10% of the net assets at the end of the previous year due to repayment of perpetual notes, they are exempted from submitting another registration conference review before issuing the current advanced manufacturing debt financing instrument; enterprises are encouraged to use the “additional issuance” mechanism to enhance financing convenience.

(5) Improve the convenience of the registration process. Issuers that support advanced manufacturing debt financing instruments make full use of the convenience of “unified registration”, calculate amounts according to actual needs, and flexibly select issuance types. Implement “declaration and acceptance”, and merge acceptance into the pre-evaluation process to improve the efficiency of registration and distribution.

(6) Encourage the distribution of innovative products. Encourage enterprises to issue science and technology innovation bonds, green debt financing instruments, mergers and acquisitions notes, etc. for advanced manufacturing. Support the issuance of advanced manufacturing asset securitization products using assets such as accounts receivable, intellectual property rights (including patents), and financial lease claims. Support the securitization of supply chain accounts receivable and supply chain notes assets based on the advanced manufacturing industry chain. Encourage flexible design of issuance terms in response to the characteristics of advanced manufacturing enterprises. Encourage enterprises in specific regions and industrial chains to distribute collectively to serve the development of advanced manufacturing clusters, strategic emerging industry clusters, and innovative industrial clusters.

(7) Enrich risk distribution and sharing mechanisms. Relying on scientific and technological innovation and private enterprise bond risk sharing tools, we will increase support for scientific and technological innovation and the issuance of advanced manufacturing debt financing instruments by private enterprises. Various market institutions are encouraged to use joint market efforts and comprehensively use various methods such as credit risk mitigation certificates (CRMW), credit linked notes (CLN), and guarantee credit enhancement to support the issuance of advanced manufacturing debt financing instruments.

(8) Guide market institutions to increase service efforts. Various market institutions are encouraged to increase underwriting and investment in advanced manufacturing debt financing instruments, and give full play to the advantages of the underwriting and market making linkage mechanism. Relevant service conditions will be included in the daily evaluation system of lead underwriters. Market institutions are encouraged to compile advanced manufacturing bond indices, develop indexed investment products, and enhance liquidity in the secondary market.

3. Strengthen registration and issuance management and standardize market operation behavior

(9) Do a good job of disclosing special information. The issuer of advanced manufacturing debt financing instruments should clearly disclose in the prospectus the enterprise's main business or the specific areas of capital raised by current debt financing instruments, the basis for meeting relevant policy requirements, and explain the “advanced nature” of the field to which it belongs.

(10) Strengthen the inspection of intermediaries. The lead underwriter shall conduct due diligence on whether the issuer or fund-raising investment complies with relevant policy requirements, issue a special due diligence report on the advanced manufacturing industry, and express clear opinions.

(11) Clarify funding requirements. The funds raised by advanced manufacturing debt financing instruments can be used for advanced manufacturing related technology research and development, project construction, repayment of loans from financial institutions used in the advanced manufacturing sector, and equity investment and fund contributions in line with national policies. The portion of capital raised for investment in advanced manufacturing shall be subject to the establishment of supervisory accounts and used in strict accordance with the agreed purpose.

(12) Strengthen lifetime management. Where capital raised is invested in the advanced manufacturing sector, issuers shall disclose details such as the use of annual/semi-annual funds raised, project construction, or technology research and development progress before April 30 and August 31 of each year. Changes in the use of funds raised during the period of existence shall be reported to the Dealers Association for the record, and the use of funds shall still meet the requirements of this Notice after the change.

This notice takes effect from the date it is issued. Projects reviewed in the channel and changes before publication may be carried out in accordance with the requirements of this Notice.

We hereby inform you.

China Interbank Market Dealers Association

November 4, 2026

This article was compiled from the official website of the “China Interbank Market Dealers Association”. Zhitong Finance Editor: Feng Qiuyi.