SSAM First Issues Sci-Tech Innovation Corporate Bonds in Shanghai and China on SSE
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Work and production was resumed in Shanghai from June 1. Shanghai State-Owned Assets Management Co., Ltd. (SSAM) issued sci-tech innovation corporate bonds on the Shanghai Stock Exchange (SSE) on June 6, with a scale of 1 billion yuan, a term of three years and a coupon rate of 2.75 percent. The issue came as the first of its kind in Shanghai and one of the first in China after the release of the Guidelines of Shanghai Stock Exchange for the Application of the Rules for Issuance and Listing Review of Corporate Bonds No. 4 – Sci-Tech Innovation Corporate Bonds。
Amid the grim epidemic situation of Shanghai since March, SSAM made persistent efforts on epidemic control, kept business running, pooled the efforts of internal departments and worked closely with intermediaries, overcame difficulties and created conditions, to make efficient and orderly preparation for the issue. On the bookkeeping day, the issue attracted 3.5 times of subscription from institutional investors and registered the lowest coupon rate among all the medium & long-term credit bonds issued by SSAM. The raised capital is intended to further support core technology development in key areas by sci-tech innovation enterprises in the fields of next-generation IT and biomedicine.
The successful issue is SSAM's another successful practice of integrating bonds with equity. The company will continue to improve quality and efficiency to empower investment, further implement the national strategy of innovation-driven development, contribute to the building of Shanghai Sci-tech Innovation Center, and make its due contributions to Shanghai's efforts in achieving a "dual victory" in epidemic control and economic and social development.
