BOE Technology Group revamps governance, issues $2 bn innovation bonds

BOE Technology Group Co., Ltd. announced a significant adjustment to its corporate governance structure, eliminating the Board of Supervisors and transferring its functions to the Board of Directors' Risk Control and Audit Committees. This change, approved by the company's second extraordinary general meeting in 2025, aligns with the revised "Company Law of the People's Republic of China" and aims to optimize governance mechanisms. This restructuring is not expected to negatively impact the company's daily operations, production, business, or debt repayment capabilities.

Concurrently, BOE Technology Group issued its "25BOEK1" Series 2025 technology innovation company bonds, marking the first tranche of an approved issuance up to CNY 100 billion. This first tranche, issued on June 13, 2025, raised CNY 2 billion with a fixed interest rate of 1.94% and a 5-year term, maturing on June 13, 2030. Funds from this issuance are earmarked to replace existing company bond principal using self-owned capital.

The bonds, rated AAA by United Credit Ratings with a stable outlook, are unsecured and were offered to professional investors via an inquiry-based book-building process. CITIC Securities Company Limited acted as the lead underwriter, bookrunner, and bond trustee manager. The bonds are traded on the Shenzhen Stock Exchange.