AsianFin -- Zhongke Chuangxing Technology Investment Co., Ltd. on Monday successfully issued its 2025 First Tranche of Targeted Technology Innovation Bonds—“25 Chuangxing PPN001”—in China’s interbank bond market. The 400 million yuan bond, with a 5+5 year structure, marks the first-ever technology innovation bond issued by a private equity investment firm in China.
It is also the first long-term tech innovation bond launched on the bond market’s “Technology Board” by a PE institution. Proceeds from the bond will be used to invest in and refinance funds focused on hard tech sectors such as next-generation information technology, artificial intelligence, and semiconductors, helping to further cultivate “patient capital” for strategic emerging industries.
Shanghai Pudong Development Bank served as the lead underwriter, with Bank of China, China CITIC Bank, and Bank of Chengdu acting as joint lead underwriters. The bond carried a coupon rate of 2.10% and was oversubscribed 3.58 times, signaling strong investor confidence in CAS Star’s long-term, value-driven investment approach.
To enhance risk control, CAS Star made use of new policy-based risk-sharing tools during the issuance. China Bond Insurance Co., Ltd. provided a full guarantee, while Xi’an Investment & Financing Guarantee Co., Ltd.—a subsidiary of Xi’an Guarantee Group—offered a counter-guarantee. The issuance showcased a new “central-local cooperation” model in financial innovation.
Founded in 2013, CAS Star is widely recognized as a pioneer in hard tech investment and the originator of the “hard technology” concept in China. The firm works closely with research institutions and universities, helping commercialize cutting-edge scientific achievements. It has built an innovation ecosystem that integrates research, early-stage capital, entrepreneurship platforms, and post-investment services. As of June 2025, CAS Star manages over 12 billion yuan in assets and has invested in more than 530 hard tech companies.
Li Hao, founding partner of CAS Star, noted that tapping into the interbank bond market allows venture investors to diversify financing channels and improve the full investment cycle—fundraising, deployment, management, and exit. “This bond issuance reinforces our belief in the government’s robust support for technological innovation,” Li said. “We will continue to invest early, invest small, invest long-term, and invest in hard tech. With sci-tech capital, we aim to unlock new momentum and accelerate the development of high-quality productive forces.”