China Tweaks Sci-Tech Bond Rules to Boost Hard Tech Funding
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China’s interbank market regulator has unveiled new rules for technology and innovation bonds, aiming to steer more funding into “hard tech” sectors and address a structural imbalance that has favored state-owned giants over private firms.
The National Association of Financial Market Institutional Investors (NAFMII) on Monday released updated guidelines, set to take effect March 9. The measures build on a framework introduced in May 2025 that established a dedicated “sci-tech board” in the bond market. The changes are intended to better support technology companies at various stages of growth, NAFMII said in a notice.
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- China’s NAFMII introduced new rules for technology and innovation bonds, effective March 9, to channel more funding into “hard tech” and support private tech firms.
- The rules create a tiered system for bond proceeds use, giving greater flexibility to high-R&D and private firms, and set stricter eligibility and innovation requirements.
- By February, 351 companies issued 974.9 billion yuan in sci-tech bonds, with private firms on the sci-tech board raising over 217 billion yuan (20%+ of total issuance).
- May 2025：
- A framework establishing a dedicated 'sci-tech board' in the bond market was introduced.
- As of the end of February 2026：
- 351 nonfinancial companies had issued a combined 974.9 billion yuan in sci-tech bonds in the interbank market.
- As of February 2026：
- 86 private firms had raised more than 217 billion yuan on the sci-tech board platform, accounting for over 20% of total sci-tech bond issuance there.
- March 2, 2026：
- NAFMII released updated guidelines for technology and innovation bonds.
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