Securities Times | First Re-Issuance of High-Growth Industrial Bonds Completed; SSE Multiple Measures Support Corporate Financing

Recently, Nanshan Group Co., Ltd. (hereinafter referred to as "Nanshan Group") successfully completed the re-issuance of its science and technology innovation bond "25 Nanshan K1" on the Shanghai Stock Exchange (SSE), with a re-issuance size of RMB 500 million. This marks the first re-issuance project of high-growth industrial bonds in the market. Investors including banks, public funds, private funds, securities firms, and trusts actively subscribed, providing practical experience for revitalizing secondary market liquidity of such bonds.

Liquidity of High-Growth Industrial Bonds Revitalized

Since its initial issuance, "25 Nanshan K1" has seen active trading in the market. As of February 2026, multiple securities firms have voluntarily provided liquidity services such as bid-ask quotations, with cumulative transaction volume and liquidity significantly outperforming general corporate bonds. Following the re-issuance, the outstanding size of "25 Nanshan K1" increased from RMB 1 billion to RMB 1.5 billion, meeting the eligibility criteria for SSE benchmark market-making bonds. The bond's liquidity is expected to further improve after consolidated listing.

As a comprehensive private enterprise, Nanshan Group has issued three tranches of high-growth industrial bonds on the SSE. Nanshan Group noted: "In the past, some institutional investors had concerns about investing in private enterprise bonds. Leveraging advantages in information disclosure, investor protection, and primary and secondary market quotation mechanisms, SSE high-growth industrial bonds have effectively enhanced investor willingness to participate in private bond investments. This re-issuance represents a new attempt by Nanshan Group in the capital market. It not only improves the convenience of bond financing but also helps alleviate the issue of high financing costs caused by insufficient bond liquidity. "

The reporter observed that in recent years, many high-growth industrial bond products launched by the SSE, such as "25 Nanshan K1", feature relatively high coupon rates and short-to-medium durations. These characteristics meet investors' needs to enhance returns while managing duration risk, attracting strong interest and subscriptions from non-bank financial institutions.

An institutional investor participating in this re-issuance stated that as the re-issuance mechanism is further promoted, the liquidity of such bonds will continue to improve, helping investors better explore investment value and facilitating price discovery for high-growth industrial bonds.

Multiple Measures Support Industrial Enterprise Financing

The SSE continues to deepen the linkage between primary and secondary bond markets and steadily promote product and mechanism innovation, providing comprehensive support for corporate financing needs.

It is understood that SSE high-growth industrial bonds emphasize full-chain, multi-dimensional development, with special arrangements in areas such as information disclosure, investor protection, secondary market activity mechanisms, investment-financing matchmaking, and rating tracking. The focus is on building a sound ecosystem for industrial bonds featuring "active trading, efficient pricing, and effective disclosure", thereby supporting industrial upgrading and technological innovation and effectively serving the financing needs of industrial issuers.

As of the end of 2025, a total of 112 high-growth industrial bond issuances had been completed on the SSE, with an aggregate issuance amount of RMB 68.348 billion, providing strong support from the bond market to the real economy.

The re-issuance of "25 Nanshan K1" represents a powerful combination of high-growth industrial bonds and the re-issuance mechanism. In May 2025, the SSE took the lead in launching corporate bond re-issuance services. Within less than a year, the cumulative re-issuance scale in the SSE market exceeded RMB 100 billion, covering various categories including general corporate bonds, science and technology innovation bonds, and securities company bonds.

In addition, through coordinated arrangements among corporate bond re-issuance, market-making mechanisms, and bond ETF products, the SSE has successfully established a "micro-circulation" in the secondary bond market. A number of bonds have already become exchange benchmark market-making bonds through the re-issuance mechanism and have been included in the allocation scope of credit bond ETFs.

A senior investment banking professional noted, "The successful launch of the nation's first re-issuance of high-growth industrial bonds can effectively expand bond scale, reduce financing costs, and enhance secondary market liquidity for issuers. For the market, it promotes the implementation of the concept that 'credit equals yield' and provides a replicable model of innovation. "