DeHeng Assisted in the Registration and Issuance of ZGC Capital’s RMB 1.5 Billion Sci-Tech Innovation Bond

2025-10-22

In response to the national strategic deployment to “establish a Sci-Tech Innovation Board in the bond market and expand the patient-capital supply for technological innovation,” Beijing ZGC Capital Co., Ltd. received the official registration approval from the China Securities Regulatory Commission (CSRC) on August 29, 2025, for its public issuance of corporate sci-tech innovation bonds. This is not only the first medium-to-long-term sci-tech innovation bond on the Beijing Stock Exchange but also the first public issuance of sci-tech innovation bonds by a private equity (PE) investment institution approved in the national exchange market following the release of the 2025 sci-tech innovation bond policy. It fills the gap for PE entities issuing medium- to long-term sci-tech innovation bonds through the exchange market, exploring a new path for capital supply in the field of technological innovation. The registered amount for this bond issuance is RMB 1.5 billion, with a term of up to 5 years, to enable ZGC Capital’s continuous service for hard-tech enterprises in the long term.

As the legal counsel throughout this project, the DeHeng team was led by lawyers Guo Weifeng and Tang Ruchuan, with primary support from lawyers Cao Qi, Wang Yunfeng, and Zhou Lingling.