Core Viewpoint - China National Building Material (03323.HK) has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to RMB 20 billion, with a specific issuance of up to RMB 3 billion for the third phase of its technology innovation bonds [1] Group 1: Bond Issuance Details - The total amount of corporate bonds to be issued is capped at RMB 20 billion, with the third phase specifically allowing for an issuance of up to RMB 3 billion [1] - The bonds will be issued in two varieties, with one having a maturity of 3 years and the other 5 years [1] - The issuer and book managers have the option to adjust the allocation between the two varieties based on subscription conditions, with no limit on the reallocation ratio [1] Group 2: Interest Rate and Issuance Process - On November 11, 2025, the issuer and lead underwriter conducted an inquiry for the coupon rate among professional institutional investors [1] - Based on the inquiry results, it was determined that the first variety of bonds will not be issued, while the coupon rate for the second variety is set at 1.95% [1]