全国首批科创可转债落地：平安证券以定制化金融方案破解科创企业融资困局

Core Insights - The article discusses the financing challenges faced by specialized and innovative enterprises, particularly in the context of traditional credit bonds and equity financing, which often lead to control dilution concerns for companies [1] - The introduction of the science and technology convertible bonds policy marks a significant breakthrough, with the successful issuance of the first project by Shenzhen Zhisheng New Electronic Technology Co., Ltd., which raised 30 million yuan with a 0.2% coupon rate [1] - The policy aims to accelerate the construction of a "technology board" in the bond market, providing a dual attribute of guaranteed returns and potential equity appreciation for innovative companies [1] Financing Challenges - Specialized and innovative enterprises struggle with traditional credit bonds that focus on net assets, making it difficult for asset-light companies to access financing [1] - Equity financing poses risks of control dilution, leading to hesitance among companies [1] - Investment institutions face challenges in pre-investment valuation and post-investment exit strategies when investing in early-stage technology companies [1] Policy Implementation - The People's Bank of China and the China Securities Regulatory Commission issued a joint announcement in May 2025 to support the issuance of technology innovation bonds, leading to a series of supportive policies [2] - A specialized team was formed by Ping An Securities to identify quality cooperation targets through a three-dimensional screening system, focusing on strategic emerging fields like new energy and electronic manufacturing [2] Customized Product Design - Ping An Securities developed a tailored financing solution for Zhisheng New, which reduces early interest burdens while allowing investors to share in future growth [3] - The valuation method used is a dynamic price-to-earnings (PE) ratio, anchoring the initial conversion price at 12 times PE, which balances shareholder rights and future growth potential [3] - Innovative terms were set, including a low coupon rate of 0.2% and a conversion price linked to the previous year's net profit, addressing valuation transparency issues for non-listed companies [3] Investment Perspective - The investment strategy of Ningbo Weili Private Fund Management Co., Ltd. emphasizes the importance of asset safety margins and growth potential, viewing Zhisheng New as a valuable investment due to its technological barriers [4] - The transaction structure is designed to balance risk and return, allowing for controlled risk through debt while enabling participation in future equity growth [4] Industry Impact - The successful issuance of the first science and technology convertible bond serves as a replicable industry model, transforming capital into growth for innovative enterprises [5] - The dual attributes of the product attract patient capital, achieving precise risk-return matching for both companies and investors [5] - The bond's lower interest rate, approximately 100-200 basis points lower than conventional bank loans, alleviates cash flow pressures for companies [5] Future Outlook - The introduction of science and technology convertible bonds is expected to enhance transparency for prospective listed companies, encouraging more institutional investors to participate [6] - Continuous promotion of these bonds will direct patient capital towards innovative enterprises, fostering sustained technological innovation [6] - Ping An Securities aims to deepen its focus on technology finance, ensuring that the technological value of innovative companies is recognized by capital markets [6]