Core Points - China National Building Material (CNBM) has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to RMB 20 billion, aimed at professional investors [1] - The bond issuance will be conducted in phases, with the first phase allowing for the issuance of up to RMB 3 billion in technology innovation corporate bonds [1] - The bonds will consist of two varieties, with maturities of 3 years and 5 years, and will include an inter-species reallocation option [1] Bond Details - The total issuance scale for the current bond is capped at RMB 30 billion, with the first variety not being issued and the second variety having a coupon rate set at 1.95% [1] - The reallocation ratio between the two varieties is not limited, and the issuer and book manager will decide on the exercise of this option based on subscription conditions [1] - The inquiry for the coupon rate was conducted on November 11, 2025, with results leading to the final determination of the interest rate for the second variety [1]