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Chinese Company Issues First $350 Million Tech Innovation Bond Raised in Digital Yuan

A Chinese infrastructure firm has effectively secured $350 million in digital yuan to fund its innovative technology bond. As reported by Shanghai Securities News, the Shandong Hi-Speed Group has launched the “Shandong Hi-Speed Group Co., Ltd. 2024 Public Offering of Science and Technology Innovation Renewable Corporate Bonds (First Phase)” and subsequently listed this bond on the Shanghai Stock Exchange.

First Tech Innovation Bond Raised in Digital Yuan

Having secured $350 million (¥2.5 billion) in China’s central bank digital currency (CBDC), this bond sets a noteworthy precedent for future financial products. It also establishes a new record with its low coupon rate of 2.94% and a term of 3+N years, specifically within the Shandong province.

CITIC Securities serves as the lead underwriter for this science and technology innovation bond, while GF Securities, Dongxing Securities, Orient Investment Bank, and Huatai United Securities act as joint lead underwriters.

To promote the widespread use of the digital yuan, some affiliated toll stations of the Shandong Hi-Speed Group have been upgraded to accept digital yuan payments.

This bond issuance highlights the group’s commitment to advancing the adoption of China’s CBDC.

The Shandong Hi-Speed Group is a Chinese state-owned capital investment company specializing in the domestic expressway sector and holds a position as a Fortune Global 500 enterprise. It oversees the operation and management of 8,745 kilometers of expressways and possesses six listed companies both domestically and internationally.

China Continues to Promote Its CBDC

Chinese authorities have been actively promoting the adoption of the country’s digital currency.

The General Office of China State Council had previously unveiled an extensive reform initiative for Shanghai’s Pudong New Area, with a strong emphasis on piloting the use of digital yuan across various sectors. Central to this plan was the integration of e-CNY into trade settlements, e-commerce transactions, carbon trading, and green energy trading. The initiative aimed to normalize and expand the range of applications for digital yuan, especially in the context of fiscal fund utilization.

Furthermore, Fung Kwok-yau, a Beijing Municipal Committee Member and President of the Hong Kong Professionals Association, proposed that the city should expedite the development of Beijing’s “Digital Yuan Adoption Demonstration Zone.”

Fung stated, “To enhance the widespread use of digital yuan applications throughout the city, it is essential to establish a regular promotional mechanism.” He also recommended implementing measures to incentivize consumers to embrace digital yuan, such as the use of electronic consumption coupons.

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