科创债风险分担工具运用稳步拓展

Core Viewpoint - The issuance of the second batch of technology innovation bonds supported by risk-sharing tools is set to take place from November 26 to 28, aimed at expanding long-term capital sources for private equity investment institutions and supporting the development of hard technology enterprises [1] Group 1: Issuance and Support - Four private equity investment institutions plan to issue a total of 930 million yuan in technology innovation bonds, indicating a broader application of risk-sharing tools in the bond market [1] - The China Interbank Market Dealers Association will continue to leverage risk-sharing tools to develop the "technology board" in the bond market, promoting the growth of patient and long-term capital [1] Group 2: Fund Utilization and Impact - Since June, five private equity investment institutions have raised 1.35 billion yuan through technology innovation bonds, with nearly 50% of the funds already utilized, effectively leveraging over 10 billion yuan in total funding for key sectors such as integrated circuits, artificial intelligence, and biomedicine [2] - The issuance of technology innovation bonds has significantly accelerated the establishment and funding pace of venture capital funds, ensuring that capital is quickly matched to specific technology enterprises [2] Group 3: Market Activity and Participation - As of November 21, the association has supported 276 enterprises in issuing over 530 billion yuan in technology innovation bonds, with a notable increase in participation from private enterprises [3] - The bond issuance structure is primarily medium to long-term, aligning with the research and investment cycles, with over 60% of the issuance being five years or longer, effectively supporting the cultivation of patient capital for long-term investments in hard technology [3]