On December 11, Tongwei Co., Ltd. announced that it had completed the issuance of its fourth tranche of 2025 Green Technology Innovation Bonds, with the proceeds fully received on December 10, 2025. With this issuance, Tongwei has successfully completed four consecutive tranches of green tech innovation bonds since the second half of 2025, raising a total of RMB 2 billion.
The newly issued bonds are referred to as “25 Tongwei GN004 (Green Tech Innovation Bond).” Both the planned and actual issuance amounts were RMB 500 million. The bonds carry a 1+1-year maturity structure, with December 10, 2025 as the interest commencement date and December 10, 2027 as the maturity date. The issuance rate was set at 2.07%, and the issuance price was RMB 100.
Regarding underwriting arrangements, China Merchants Bank Co., Ltd. served as the lead underwriter for this tranche, while China CITIC Bank Corporation Limited and Chengdu Rural Commercial Bank Co., Ltd. acted as joint underwriters, jointly ensuring the smooth completion of the issuance.
The issuance of this green technology innovation bond represents another step by Tongwei in leveraging innovative financial instruments in the interbank market to support the development of its green technology-related businesses.
Reviewing the company’s full-year issuance record, Tongwei completed four tranches of green tech innovation bonds in July, September, November, and December 2025, each with a size of RMB 500 million, totaling RMB 2 billion. In terms of tenor and interest rate trends, the first two tranches issued in July and September were predominantly 270-day ultra-short-term notes, with coupon rates of 2.20% and 2.10%, respectively. The latter two tranches issued in November and December adopted a longer 1+1-year structure, with coupon rates of 2.02% and 2.07%, respectively.
Source：EnergyTrend
