深圳金融创新大赛展示第9期：“央地协同、风险共担”，国信证券携手深高新投等助力全国首批民营创投科创债发行（二等奖项目）

Core Viewpoint - The Shenzhen Financial Innovation Competition successfully showcased high-quality projects that demonstrate strong technological content and practical value, reflecting the vibrant innovation vitality of Shenzhen's financial industry [1][15]. Group 1: Project Overview - The project involved the issuance of the "25 Dongfang Fuhai PPN001 (Sci-Tech Bond)" by Dongfang Fuhai Investment Management Co., with Guosen Securities as the lead underwriter, marking a significant milestone in the integration of financial services and technological innovation [2][16]. - The bond issuance had a scale of 400 million yuan, with a subscription rate of 6.325 times and a coupon rate of 1.85%, indicating strong market interest [2][16]. Group 2: Mechanism Innovation - The project introduced a pioneering "central-local collaboration" risk-sharing mechanism, integrating central bank risk-sharing tools with local state-owned capital support, addressing the credit rating challenges faced by light-asset, long-cycle enterprises [5][18]. - This mechanism represents a significant institutional innovation, providing a replicable risk-sharing framework for financing challenges faced by various light-asset technology innovation enterprises [5][18]. Group 3: Product Innovation - The project deepened the "debt-equity linkage" model, combining low-cost bond market funding with professional equity investment capabilities, creating a comprehensive financial service chain for technology innovation enterprises [6][19]. - By utilizing bond funds as long-term capital for venture capital institutions, the project enhanced capital strength and leverage, facilitating the establishment of private equity funds focused on hard technology [6][19]. Group 4: Risk Control Innovation - A multi-layered, comprehensive risk prevention system was established, with the "central-local collaboration" enhancement effectively transferring and dispersing credit risk [10][23]. - The issuer, Dongfang Fuhai, has nearly 20 years of investment experience and a robust risk management system, managing four national-level funds and demonstrating strong professional capabilities [10][23]. Group 5: Demonstration Innovation - The project serves as a landmark achievement following the release of new policies in Shenzhen's comprehensive reform pilot, showcasing the feasibility and potential of the bond market's "technology board" policy [11][24]. - The successful market response has boosted confidence in private venture capital institutions' financing through the bond market, attracting numerous leading institutions from various regions to apply for similar bonds [11][24]. Group 6: Future Outlook - The successful issuance of the Sci-Tech Bond is a benchmark case for Shenzhen's financial support for technological innovation, providing a new paradigm for deep integration of technology and finance in the Guangdong-Hong Kong-Macao Greater Bay Area [14][27]. - Guosen Securities aims to leverage this project's success to enhance its technological financial innovation services and support for technology-driven enterprises and venture capital institutions [14][27].