Recently, SZSE has successively launched innovative products such as sci-tech innovation bonds and carbon-neutral special bonds to support the development of innovative technological enterprises, strengthen technological strategic support, and accelerate the development of China’s scientific and technological strength. By launching these innovative products, SZSE also aims to serve the low-carbon development of enterprises, help achieve peak carbon dioxide emissions and carbon neutrality, and promote the adjustment and optimization of industrial structure and energy structure. This is an important measure taken by SZSE to unswervingly implement the new development philosophy, earnestly implement the national innovation-driven development strategy, accelerate the innovation of bond products in the fields of scientific research and development and green development, and ensure a good start to the 14th Five-Year Plan period.
Innovative and green development is the important content of the new development philosophy. The Fifth Plenary Session of the 19th CPC Central Committee made important strategic arrangements for national economic and social development for the 14th Five-Year Plan period. New stage of development, new development philosophy and new development pattern are the clear topics all along. At the Central Economic Work Conference, “strengthening the national strategic scientific and technological strength” and “taking solid steps toward the goals of achieving peak carbon dioxide emissions and carbon neutrality” were included in the eight key tasks in 2021. In accordance with the arrangements and requirements of the China Securities Regulatory Commission (CSRC), SZSE has actively leveraged the functions and products of the Exchange in the bond market, and studied and launched sci-tech innovation bonds and carbon-neutral special bonds.
Under the framework of the bond policies for innovative startups, the leading role of scientific and technological innovation is emphasized. The sci-tech innovation bonds are use to raise funds specially for projects that conform to the national strategy and support scientific and technological innovation in key core fields. Recently, SZSE has successfully launched the first sci-tech innovation bonds. Shenzhen Capital Group Company, Ltd. has successfully issued RMB 1.5 billion of sci-tech innovation bonds to invest in innovative companies in seed stage, start-up stage and growth stage through direct investment in or establishment of or capital increase in venture capital funds, and the company shall focus on supporting the high-quality development of enterprises in high-end equipment manufacturing, biotechnology, new materials, new energy, information technology and other scientific and technological innovation fields.
Carbon-neutral special bonds are a subcategory of green bonds. The money raised is mainly for low-carbon and emission reduction projects such as clean energy, clean transportation and green buildings. Recently, SZSE has successfully rolled out the first batch of carbon-neutral special bonds of RMB 2.5 billion with full coverage of key fields. Specifically, the funds raised by Shenzhen Metro Group Co., Ltd. are for the construction of the urban electrified rail transit project; the funds raised by Guangxi Guangtou Energy Group Co., Ltd. are used to support the construction of Fangchenggang nuclear power project in Guangxi; the funds raised by Zhuhai Huafa Group Co., Ltd. are for the construction of the green building and emission reduction project of Zhuhai International Convention & Exhibition Center (Phase II).
Since 2016, SZSE has fully implemented the concepts of innovative, coordinated, green, open and inclusive development. It has successively launched special bonds under the framework of corporate bonds. By issuing notices on relevant business pilot projects, Q&As and business guidelines, it has standardized the access standards and information disclosure requirements, and precisely boosted the economic and social development in such aspects as scientific and technological innovation, green development, opening up to the outside world, and poverty alleviation. Regarding featured special bond products, SZSE has implemented a “specialized review and green channels” to improve the review and service efficiency. As at the end of 2020, eleven types of fixed-income products that serve the national strategies, including innovation and entrepreneurship bonds and green bonds, have been issued on SZSE to raise over RMB 310 billion, further improving the capital market’s ability to serve the real economy.
In the 2021 Government Work Report, “to fully apply scientific and technological innovations to the real economy” and “to take solid steps toward the goals of achieving peak carbon emissions and carbon neutrality” are reiterated among the key tasks for the whole year. Next, SZSE, under the unified leadership of the CSRC, will consciously seize the new stage of development, firmly implement the new development philosophy, and actively integrate into the new development pattern. By taking the building of a high-quality innovative capital center and a world-class exchange as an opportunity, it will firmly seize the major historic opportunity of the development of the Guangdong-Hong Kong-Macao Greater Bay Area and the pilot demonstration zone of socialism with Chinese characteristics, further emphasize the prominent role of scientific and technological innovation, and promote the building of a green financial service system. Besides, it will optimize and improve the policy arrangements for sci-tech innovation bonds and carbon-neutral special bonds, and give play to the positive role of the capital market in promoting economic and social innovation and green development to ensure a good start to the 14th Five-Year Plan period.
