Last year, securities firms' main underwritten Sci-Tech Innovation Bonds exceeded 1 trillion yuan for the first time, a year-on-year increase of 66.52%.

The China Securities Industry Association released special statistics on 2025 underwriting business for corporate bond products by securities firms (including corporate bonds). The data show that the underwriting amounts for multiple types of bonds—including Kechuang bonds and private enterprise bonds in 2025—have achieved significant growth. Among them, the underwriting amount for Kechuang bonds exceeded 1 trillion yuan, up 66.52% year over year. Li Yong, Chief Fixed-Income Strategist at Soochow Securities, said in an interview with a reporter: “For the market, the proactive underwriting of Kechuang bonds by securities firms helps guide social capital toward key areas of technological innovation and accelerates the transformation of cutting-edge technological achievements into real productive forces. For securities firms themselves, stepping up their efforts in underwriting Kechuang bonds helps drive a shift in their service role from a mere financing intermediary to a deep industry enabler, creating broader space for the development of subsequent comprehensive financial services.” (Securities Daily)