Group 1 - The core point of the article is that China International Capital Corporation (CICC) has announced the issuance of technology innovation corporate bonds with a total scale of up to RMB 1 billion [1] - The coupon rate inquiry range for the bonds is set between 1.40% and 2.10% [1] - The final coupon rate for the bonds has been determined at 1.71% based on the results of the offline investor inquiry conducted by the lead underwriter [1]

Core Viewpoint - China International Capital Corporation (CICC) announced the issuance of technology innovation corporate bonds with a total scale of up to RMB 1 billion, targeting professional institutional investors [1] Group 1: Bond Issuance Details - The bond issuance is referred to as the first phase of the technology innovation corporate bonds [1] - The coupon rate inquiry range for the bonds is set between 1.40% and 2.10% [1] - The final coupon rate for the bonds was determined to be 1.71% based on the results of the offline investor inquiries conducted by the lead underwriter [1]

Core Insights - China Southern Power Grid Co., Ltd. has received an "AAAsti" rating for its 2025 technology innovation corporate bond issuance, indicating strong creditworthiness and financial stability [1] Company Overview - China Southern Power Grid is a state-owned enterprise formed based on the power grid assets of Guangdong, Hainan, and parts of the National Grid in Guangxi, Yunnan, and Guizhou, with an initial registered capital of 60 billion [2] - The company is the sole operator of the power grid in the southern five provinces and regions, responsible for ensuring electricity supply and managing power dispatch and trading [2] - As of March 2025, the registered capital remains at 90.2 billion, with the State-owned Assets Supervision and Administration Commission holding 51% [2] Financial Performance - In 2024, the company achieved a revenue of 853.399 billion, and in the first quarter of 2025, it reported a revenue of 182.740 billion, demonstrating significant scale [2]