参与路演的深圳同创伟业资产管理股份有限公司合伙人唐忠诚认为，在风险分担工具的支持下，民 营股权投资机构开辟了债券融资的新路径。"民营股权投资机构往往面临募资难题。科技创新债券期限 普遍较长，能更好和硬科技企业的研发周期匹配，是非常好的融资工具。" 记者了解到，风险分担工具已为首批中科创星、金雨茂物等5家民营股权投资机构引入担保增信， 助力其成功发行13.5亿元科技创新债券。目前，这批募集资金已有近50%投入使用，撬动资金规模上百 亿元，投向集成电路、人工智能、生物医药、新材料、低空经济等领域。 今年6月，中科创星在银行间债券市场成功发行4亿元科技创新债券，成为全国首批发行科技创新债 券的民营股权投资机构之一。 "这只债券发行5个月以来，显著提升了企业出资实力，加快了旗下中科创星先导创业投资基金的设 立和出资节奏。截至目前，该基金已完成对36家硬科技企业的投资。"中科创星总经理助理、财务部负 责人郭一凤说，"首期我们成功发行了4亿元科技创新债券，有望撬动数倍的投资额。后续公司还将继续 发行科技创新债券，让金融活水浇灌更多科创高地。" 随着债券市场与企业需求的适配性提高，民营企业发行科技创新债券迎来热潮。中国银行 ...

Group 1 - The second batch of technology innovation bonds supported by risk-sharing tools will be issued from November 26 to 28, with a total of 930 million yuan from four private equity investment institutions [1] - The first batch of five private equity investment institutions successfully issued technology innovation bonds with risk-sharing tools on June 18, indicating a growing trend of private equity financing through the interbank bond market [1] - The risk-sharing tools significantly enhance the credit level of the bonds, with three institutions providing collateral through equity stakes, while one institution utilizes market-based guarantees [1] Group 2 - Nearly 50% of the funds raised by five companies from the first batch have been utilized, leveraging over 10 billion yuan into key sectors such as integrated circuits, artificial intelligence, biomedicine, and new materials [2] - The trading association plans to continue utilizing risk-sharing tools to develop a "technology board" in the bond market, aiming to attract more financial resources for early-stage, small, long-term, and hard technology investments [2]

Core Viewpoint - The article discusses the promotion of "Science and Technology Innovation Bonds" (科创债) and the associated risk-sharing tools by the People's Bank of China and the China Interbank Market Dealers Association, highlighting their role in supporting private equity investment institutions in financing through the interbank bond market. Group 1: Overview of Science and Technology Innovation Bonds - The issuance of Science and Technology Innovation Bonds (科创债) has reached a total of 9.3 billion yuan, marking the second batch of projects supported by risk-sharing tools this year [1] - As of November 21, the Dealers Association has supported 276 enterprises in issuing over 530 billion yuan in 科创债, with the issuance scale exceeding 10% of the total debt financing tools in the interbank market for the first time [1][2] Group 2: Risk-Sharing Tools and Their Impact - The risk-sharing tools were created to support private equity institutions in issuing long-term bonds, significantly lowering their financing costs and allowing for longer maturities, such as 8 to 10 years [2] - The risk-sharing tools have improved the credit ratings and funding costs for the participating enterprises, enhancing the attractiveness of the bonds [3] - The first batch of projects utilizing these tools successfully issued 1.35 billion yuan in 科创债, with nearly 50% of the raised funds already utilized, leveraging over 10 billion yuan in total funding for key sectors like integrated circuits and artificial intelligence [3] Group 3: Regional and Sectoral Distribution - The issuance of 科创债 has expanded to cover 29 provinces, autonomous regions, and municipalities, with significant issuance from regions like Beijing, Guangdong, and Zhejiang [4] - The three major innovation clusters—Yangtze River Delta, Pearl River Delta, and Beijing-Tianjin-Hebei—account for over 60% of the total issuance, indicating a targeted approach to support innovation [4] Group 4: Future Directions and Enhancements - The Dealers Association plans to continuously improve the supporting mechanisms for 科创债, enhance registration efficiency, and increase promotional efforts to strengthen financial support for technological innovation [5]

Core Viewpoint - The second batch of technology innovation bonds (科创债) supported by risk-sharing tools is set to be issued in the interbank market from November 26 to 28, following a successful roadshow on November 24, aimed at providing financial support for technology innovation activities [1] Group 1: Issuance and Participants - Four private equity investment institutions are participating in the second batch of technology innovation bonds, aiming to raise a total of 930 million yuan [1] - The institutions involved include 基石资产管理股份有限公司 (基石资本), 深圳同创伟业资产管理股份有限公司, 盛景嘉成投资管理有限公司, and 上海道禾长期投资管理有限公司 [1] - 基石资本 plans to issue 400 million yuan of bonds as part of a larger 1.5 billion yuan issuance over two years, with most funds directed towards future investments in technology innovation [1] Group 2: Funding and Support Mechanisms - The technology innovation bonds have a term of up to 10 years, aligning with the investment horizon of the managed innovation funds [2] - The risk-sharing tools have significantly enhanced the issuance capacity of the bonds, providing a basic funding guarantee for the innovation funds established over the next two years [2] - Three of the four participating companies received credit enhancement from the risk-sharing tools, while one received market-based credit enhancement from 中债信用增进投资股份公司 [2] Group 3: Market Impact and Future Outlook - As of November 21, the interbank market has supported 276 companies in issuing technology innovation bonds totaling 534.6 billion yuan, with the issuance scale exceeding 10% of the total debt financing tools in the market for the first time [3] - The participation of private enterprises in the technology bond market has increased, with 55 private companies issuing 107.4 billion yuan, accounting for 20% of the total issuance [3] - The risk-sharing tools have effectively leveraged funds into key sectors such as integrated circuits, artificial intelligence, biomedicine, and new materials, demonstrating the ongoing support for technology innovation [3]

Core Viewpoint - The second batch of technology innovation bonds supported by risk-sharing tools will be issued from November 26 to 28, aiming to expand long-term capital sources for private equity investment institutions and support 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 financing [2] - The risk-sharing tools will provide credit enhancement for three institutions, while one will receive market-based credit enhancement from China Bond Credit Enhancement Investment Co., showcasing a collaborative effect of policy and market-driven support [2] - The issuance of these bonds is expected to further broaden the long-term capital sources for private equity investment institutions, aiding the development of hard technology enterprises [2] Group 2: Fund Utilization and Impact - Since the issuance of 1.35 billion yuan in technology innovation bonds by five private equity institutions in June, nearly 50% of the raised funds have been utilized, leveraging over 10 billion yuan in total funding for key sectors such as integrated circuits, artificial intelligence, and biomedicine [3] - The issuance of technology innovation bonds has significantly accelerated the establishment and funding pace of venture capital funds, ensuring rapid capital allocation to specific technology enterprises [3] - The funds raised will continue to flow into the technology innovation sector, providing financial support for various innovative activities [3] Group 3: Market Activity and Participation - Since the launch of technology innovation bonds in May, market activity has been continuously stimulated, with over 530 billion yuan supported for 276 enterprises, including 230 technology companies and 46 equity investment institutions [4] - The participation of private enterprises has notably increased, with 55 private companies issuing 107.4 billion yuan in technology innovation bonds, representing 20% of the total issuance in the interbank market [4] - The bond issuance structure is primarily medium to long-term, aligning with research and investment cycles, thereby effectively supporting "patient capital" for long-term investments in hard technology [4] Group 4: Future Development - The trading association will continue to leverage risk-sharing tools and develop the bond market's "technology board," guiding more financial resources towards early, small, long-term investments in hard technology [5]

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]

Core Viewpoint - The People's Bank of China and the China Interbank Market Dealers Association are promoting the use of risk-sharing tools for technology innovation bonds, facilitating financing for private equity investment institutions through the interbank bond market [1][2]. Group 1: Technology Innovation Bonds - A total of 9.3 billion yuan in technology innovation bonds is planned for issuance by four private equity investment institutions, marking the second batch supported by risk-sharing tools this year [1]. - As of November 21, the Dealers Association has supported 276 enterprises in issuing technology innovation bonds exceeding 530 billion yuan, with the issuance scale surpassing 10% of the total debt financing tools in the interbank market for the first time [1]. Group 2: Risk-Sharing Tools - The risk-sharing tools, created by the central bank and the securities regulatory commission, aim to lower financing costs for private equity institutions and support the issuance of longer-term bonds, such as 8-year and 10-year bonds [2]. - The risk-sharing tools have provided guarantees for three enterprises, significantly enhancing the credit level of the bonds, with collateral provided by the equity of the invested enterprises or the institutions themselves [2]. Group 3: Impact on Private Equity Institutions - The issuance of technology innovation bonds has improved the capital acquisition capabilities of private equity institutions, allowing for a significant reduction in financing costs [3]. - The risk-sharing tools have ensured the safety of bond issuance and supported the extension of bond terms, aligning with the long investment cycles typical in early-stage equity investments [3]. Group 4: Regional Distribution and Future Plans - The issuance of technology innovation bonds has reached 29 provinces, autonomous regions, and municipalities, with the top five issuance scales located in Beijing, Guangdong, Zhejiang, Shandong, and Jiangsu [4]. - The Dealers Association plans to continuously improve the supporting mechanisms for technology innovation bonds, enhance registration efficiency, and increase financial support for technological innovation [4].

Core Viewpoint - The article highlights the increasing support for private equity investment institutions in China through the issuance of technology innovation bonds, facilitated by risk-sharing tools that enhance financing opportunities in the interbank bond market [1][2]. Group 1: Technology Innovation Bonds - Four private equity investment institutions are set to issue a total of 930 million yuan in technology innovation bonds, marking the second batch to receive support from the "Technology Innovation Bond Risk Sharing Tool" [1]. - Base Capital plans to issue 400 million yuan in technology innovation bonds with a 10-year maturity and an AAA rating, benefiting from a guarantee provided by China Bond Credit Enhancement Investment Co., Ltd. [1][2]. - The "Technology Innovation Bond Risk Sharing Tool" was introduced to facilitate the issuance of these bonds, with the People's Bank of China providing low-cost re-lending funds [1][2]. Group 2: Financing Mechanisms - The risk-sharing tool allows private equity investment institutions to use equity in their invested companies as collateral, a significant shift from traditional asset-based guarantees [2]. - The tool has opened new financing pathways for private equity firms, addressing their fundraising challenges and aligning bond maturities with the R&D cycles of hard technology enterprises [2][3]. - As of November 21, 55 private enterprises have issued a total of 107.4 billion yuan in technology innovation bonds, indicating a growing trend in the market [3]. Group 3: Impact on Investment - The issuance of technology innovation bonds has significantly enhanced the investment capacity of firms, with one fund successfully investing in 36 hard technology companies following its bond issuance [3]. - The funds raised through these bonds have already seen nearly 50% deployed, leveraging over 100 billion yuan into sectors such as integrated circuits, artificial intelligence, and biomedicine [2][3].

Group 1 - A new equity investment partnership named Zhongbao Investment Sichuang (Jiaxing) has been established, focusing on equity investment [1] - The company is co-owned by Shibei Gaoxin (600604) among others [1]

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