Hesteel sets 2.36% coupon rate for first tech innovation perpetual bonds

Hesteel Co., Ltd. announced a coupon rate of 2.36% for its 2025 public issuance of technology innovation perpetual corporate bonds (tranche 1) to professional investors. The offering, approved by the China Securities Regulatory Commission (CSRC), is the first tranche under a total issuance not exceeding RMB 10 bn. This initial tranche has an issue size not exceeding RMB 1 bn.

The bonds have a basic term of three years, with Hesteel retaining the right to extend the term at the end of the basic period and each subsequent renewal period. The coupon rate was determined after a book-building process among professional institutional investors on September 15, 2025, which saw an inquiry range of 1.80%-2.80%.

The issuance to institutional investors will occur on September 16 and September 17, 2025. Further details regarding subscription methods can be found in the "Hesteel Co., Ltd. 2025 Public Issuance of Technology Innovation Perpetual Corporate Bonds (Tranche 1) Issuance Announcement" published on the Shenzhen Stock Exchange and Cninfo on September 12, 2025.