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央行朱鹤新:债券市场“科技板”将重点支持排名靠前、投资经验丰富的头部股权投资机构发行债券
news flash·2025-05-22 07:26

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange are implementing measures to support the bond market's "Technology Board," which aims to facilitate flexible bond issuance and reduce costs for equity investment institutions [1] Group 1: Bond Market Support - The "Technology Board" allows issuers to flexibly issue bonds in installments and simplifies information disclosure requirements [1] - Certain transaction fees related to bond issuance will be waived to encourage participation [1] Group 2: Focus on Equity Investment Institutions - The primary beneficiaries of the "Technology Board" are equity investment institutions, which are crucial for early-stage, small-scale, and hard technology investments [1] - These institutions often face challenges such as light assets and long investment cycles, making traditional bond financing less viable due to short financing terms and high costs [1] Group 3: Risk Sharing Mechanism - A risk-sharing mechanism for technology innovation bonds has been established, with the central bank providing low-cost re-lending funds [1] - The initiative will particularly support leading equity investment institutions with strong investment experience in issuing bonds [1]