从阿里巴巴于去年11月首次发行170亿元离岸人民币债券（即"点心债"），到百度今年内两度发行、腾 讯首次试水90亿元规模点心债，再到市场传闻更多互联网巨头正酝酿跟进，一系列动向表明，离岸人民 币债券市场正成为中国科技企业巨头长期融资的重要渠道。这一举措不仅缓解了企业的资金需求，也在 客观上拓宽了点心债市场的深度与广度，吸引更多发行人与投资者入场。 AI竞赛的背后也是资本的赛场，科技企业青睐债权融资，实为一场精密的成本运算。无论是甲骨文发 行的40年期美元债券，还是腾讯发行的20年期人民币债券，都受到投资者热捧。可以看出，相较股权融 资，债券融资不仅避免股权稀释，更能在低利率窗口期锁定长期资金，性价比更高。从币种选择来看， 人民币融资优势凸显：一方面，中美利差短期内难以逆转，人民币低融资成本仍将延续；另一方面，人 民币汇率韧性增强，预期趋稳，企业不仅可规避货币错配风险，即便融资后兑换为外币使用，汇率风险 也相对可控。 （原标题：【时代风口】 从AI项目融资棋局 看人民币国际化新机遇） 孙璐璐 在人工智能浪潮席卷全球的背景下，科技巨头纷纷步入资本开支的高强度周期。自9月中下旬以来，甲 骨文、腾讯、阿里巴巴、百度等 ...

Capital Operations of Hong Kong Stock Exchange - The Hong Kong Stock Exchange (HKEX) is recognized as a major global financial center with a highly market-oriented and internationalized capital operation system [2] - HKEX offers a mature regulatory framework that supports various capital operation methods including equity financing, debt financing, mergers and acquisitions, asset securitization, equity incentives, spin-off listings, privatization, and other innovative tools [2][11] Equity Financing - Equity financing in the Hong Kong market is known for its flexibility and efficiency, supporting both IPOs and diverse refinancing channels [2] - Initial Public Offerings (IPOs) are a primary method for companies to raise equity, characterized by a registration system that emphasizes information disclosure and high review efficiency, typically taking 6-12 months [3] - Various refinancing methods include: - Placing: Selling new shares to specific investors without a general offer [3] - Rights Issue: Offering new shares to existing shareholders based on their holdings [3] - Open Offer: Similar to rights issues but open to the public [3] - Consideration Issue: Issuing shares as payment for acquisitions [3] - Share Option Scheme: Issuing options to core employees or management to purchase shares at a predetermined price [3] Debt Financing - Companies listed on HKEX can issue various types of bonds, with flexible terms and multiple currencies (HKD, USD, RMB) [3] - Corporate Bonds and Convertible Bonds (CB) are common, with CBs providing both debt and equity characteristics, allowing investors to convert bonds into shares [3] - The issuance of perpetual bonds is also noted, which allows issuers to defer interest payments and may be classified as equity for accounting purposes [4][8] Mergers and Acquisitions - The M&A framework in Hong Kong is governed by the "Code on Takeovers and Mergers," focusing on shareholder fairness [4] - Key methods include: - Takeover Offer: A direct offer to acquire shares from shareholders [4] - Scheme of Arrangement: A court-approved plan for acquiring shares [4] - Share-for-Share Swap: Acquiring a company by exchanging shares [4] - Reverse Takeover: A non-listed company acquiring a listed shell company to gain a public listing [4] Asset Securitization - The acceptance of Asset-Backed Securities (ABS) in the Hong Kong market is high, with underlying assets including receivables, lease rights, and infrastructure revenue rights [5] - The operation model involves transferring underlying assets to a Special Purpose Vehicle (SPV) that issues securities backed by future cash flows [5] Equity Incentives - Companies often use equity incentive tools to align the interests of management and shareholders [6] - Common methods include Share Option Schemes and Share Award Schemes, which provide rights to purchase shares or grant shares directly to employees [6][7] Spin-off Listings - Spin-offs allow parent companies to list subsidiaries independently, enhancing the subsidiary's financing capabilities and potentially increasing the valuation of both entities [9][10] Privatization and Delisting - Privatization occurs when major shareholders or consortiums buy out public shares to delist the company, often due to undervaluation or high compliance costs [10] - Methods include voluntary buyouts and share repurchase programs, which can signal undervaluation to the market [10] Other Innovative Tools - The introduction of SPACs (Special Purpose Acquisition Companies) in 2022 provides a new pathway for companies to go public through acquisition [10]

企业融资路径与财务风险管理在数智化实训平台中的实践 在数智化商业决策实训平台构建的模拟商业环境中，资金被恰如其分地比喻为企业的"血液"，而融资与财务风险管理能力则直 接决定了企业能否在激烈的市场竞争中生存、成长并最终胜出。该平台通过构建多层次、多特性的融资体系与完整的财务管理 闭环，为学生提供了近乎真实的企业财务决策体验。本文将深入剖析平台中的融资路径选择、财务风险识别与控制机制，以及 如何通过科学的财务战略支持企业整体发展目标。 一、企业全周期融资体系：从生存保障到价值跃迁 平台模拟了企业从初创到成熟的全生命周期融资需求，提供了六种各具特点的融资工具，每种工具对应不同的发展阶段、风险 收益特征和适用条件。 1. 债权融资：稳健经营者的基础选择债权融资体系包含银行贷款、私人借款和银行透支三种方式，共同特点是需要按期还本付 息，不稀释股权，但会增加财务杠杆和固定支出压力。 银行贷款采用等额本息还款方式，额度与上年所有者权益挂钩，这体现了银行体系对企业经营稳健性的重视。学生需要精准预 测现金流，确保每期还款能力，避免因短期周转不灵导致违约风险。私人借款额度与利率由教师设置的信贷级别决定，期限不 超过4季度，适合短 ...

Core Viewpoint - GAC Group plans to issue corporate bonds up to RMB 15 billion to enhance financing channels, improve debt structure, reduce financing costs, and ensure flexibility in fund management due to increasing capital demands from production and operations [1] Financing Strategy - The board has approved the issuance of corporate bonds to diversify financing channels and avoid over-reliance on a single source of funding [1] - The company aims to leverage various debt financing products to better align with funding needs and market conditions [1] Debt Instruments - GAC Group intends to apply for the issuance of medium-term notes not exceeding RMB 15 billion through the China Interbank Market Dealers Association [1]

为进一步拓宽公司融资渠道，改善债务结构，降低融资成本，增强公司资金管理的灵活性，保障因生产 经营规模日益增长所造成的对资金的需求;同时为充分利用各类不同债权融资产品的优势，避免过度依 赖单一融资渠道，更好的依据资金需求和市场情况灵活选择最优融资工具。董事会同意公司向中国银行 间市场交易商协会申请发行金额不超过人民币150亿元(含)的中期票据。 广汽集团（601238）(02238)公布，为进一步拓宽公司融资渠道，改善债务结构，降低融资成本，增强 公司资金管理的灵活性，保障因生产经营规模日益增长所造成的对资金的需求;董事会同意公司根据相 关法律法规、公司章程和实际情况，申请发行金额不超过人民币150亿元(含)的公司债券。 ...

长沙晚报掌上长沙8月4日讯（全媒体记者 陈星源）日前，2025年长沙市"一月一链""产业链+资金链"债 权融资服务与能力提升活动第三场——"大健康产业链"专场活动在长沙举行。 本次活动由长沙市工业和信息化局、雨花经开区管委会指导，长沙市企业服务中心主办。活动聚焦大健 康产业，通过政策解读、法律风控、金融产品推介等形式，助力企业提升债权融资能力，实现快速升级 和加速发展。 金融机构、中小企业负责人等60余人参会，共同探讨债权融资赋能产业发展的创新实践。 专家分享，提升企业债权融资能力 活动现场，多位行业专家与金融机构代表带来了干货满满的分享。 湖南老账房集团运营总经理寻雪辉作《如何运用好债权融资带来财务杠杆正效应》主题演讲，为企业解 析债权融资在优化财务结构、放大经营效益方面的实操路径。 湖南权度律师事务所主任赵芳聚焦《企业债权融资合规要点与法律风险防范》，从法律视角出发，帮助 企业规避融资过程中的潜在风险，并提供专业指导，确保合规经营。 来自长沙投资控股集团长财供应链公司风补管理部的张文茜进行《风补资金政策》宣讲，详细解读了风 补贷款的相关扶持政策及申报流程，助力企业用好政策红利，降低融资成本。 在金融服务对 ...

图片来源：网络 3月6日，中国人民银行行长潘功胜提出，创新推出债券市场"科技板"，重点支持头部私募股权及创业投资机构发行长期限科技创新债券。 政策发布之后，6月16日，中科创星率先发行第一期规模4亿元、期限为"5+5 年"、票面利率 2.10% 的科创债，全场认购倍数达 3.58 倍。同一天，东方富 海也发行了首期科创债，规模同为4亿元，期限10年（5+3+2），票面利率1.85%。此后，毅达资本、君联资本、金雨茂物、泰达科投等多家优质民营创投 机构也相继完成科创债发行。 这是中国创投机构首次通过债券市场实现直接融资，放眼全球，这种由中央银行创设金融债券工具专门服务于创业投资行业的举措也属首次。 然而，市场的欢呼背后，质疑也在浮现。科创债的引入是否真正能够解决行业"募资难"的根源问题？当资金属性从"股权资本"转为"债权融资"，GP的投资 逻辑是否会发生改变？低成本、长期限的融资工具在现实操作中，是否可能引发套利、错配甚至风险积聚等问题也引发行业内的激烈讨论。 "高端私享" 从目前发债的投资机构名单来看，这并非一纸面向所有机构"雨露均沾"的政策，而是主要为部分头部机构的"私享定制"。 | 发行人名称 | 首期发 ...

Group 1 - The core function of investment banks is to assist private enterprises in connecting with global capital markets, primarily through equity and debt financing [3][4] - Investment banking services include initial public offerings (IPOs), mergers and acquisitions (M&A), and ongoing compliance support for listed companies [3][4] - Due diligence is crucial for understanding a company's business model and operational logic, which aids in developing reasonable valuation proposals and identifying potential investor groups [4] Group 2 - The Hong Kong stock market has shifted towards being dominated by Chinese capital, while the U.S. capital markets remain more open and internationalized, attracting a diverse range of investors [5] - The New York Stock Exchange (NYSE) primarily attracts large, mature companies, while NASDAQ is more focused on technology-driven firms with a younger investor demographic [5] - Companies at different development stages require tailored financing strategies, with equity financing becoming a viable option for sustainable growth [6] Group 3 - Ade Financial, headquartered in Hong Kong, holds multiple licenses that allow it to operate across various markets, including Hong Kong, Singapore, Malaysia, and the U.S. [7] - The firm provides comprehensive support to clients by connecting them with global capital markets and offering one-stop services for capital financing needs and potential M&A assistance [7]

天津市首批科技创新债券资金募集到位 有力支持企业科技创新 金十数据5月15日讯，截至5月14日，天津市共有1家金融机构（渤海银行）和3家科技型企业（天津医 药、渤化集团、中交一航局）在银行间市场成功发行全国首批科技创新债券，并全部完成缴款，发行规 模合计60.5亿元，位列全国第五。此外，还有2家股权投资机构（泰达科投、天津创投）进入交易商协 会注册通道。天津市首批落地的科技创新债券实现了金融机构、科技型企业、股权投资机构三类发行主 体全覆盖，债权融资和股权投资的双向通道进一步打通。 相关链接 ...

如果说2025年之前，出海还只是部分公司的选择， 那在2025年之后，出海已经成为了一个"必答题"。 因为对于国内大部分企业来说，海外市场都是远大于国内市场的。 然而，在贸易战、关税壁垒和逆全球化冲击下，当前企业出海的风险和困难比大部分人想象的还要大， 为了提升企业出海的成功率， 我们已经把企业出海最容易失败的地方和重点注意事项逐一梳理好了， 就在最新上线的 《中国企业出海指南》 中。 中国企业出海指南 1.纸质资料《中国企业出海指南》 2.线上课程《境内企业赴美国上市的法律实务解读》 3.梧桐定制笔记本1个 中国企业出海指南 新品特惠 扫码 立减20元 《中国企业出海指南》共有 332页 ， 15.5万字 ，9个章节，主要从海外布局、监管要求、股权架构、 审批流程、交易文件、合规风险、税务考量、区域国别等角度出发，全景式梳理了企业出海的实务要 点。 境外投资的主要法律文件 操作时间境外投资敏感类项目 0 限制/禁止开展的境外投资 商务流程 ODI备案/核准流程 境外投资的常见流程与风险 ⊙ 没有办理ODI备案的后果 发改委备案/核准 3. 境外投资的境 商务部备案/核准 内审批流程 外汇登记 境外投资的境内 ...