China Merchants Expressway launches perpetual innovation bonds

China Merchants Expressway Network & Technology Holdings has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to yuan 100 billion to professional investors. The first tranche, valued at up to yuan 1.55 billion, with each bond at yuan 100 per share, will have a basic maturity of two years. The issuer retains the option to extend the term by one period at the end of each two-year interest accrual period, and includes an interest deferral option under specific conditions.

The offering is aimed exclusively at institutional professional investors, with a pre-set interest rate range of 1.70%–2.50%. The final coupon rate will be determined through a book-building process on October 21, 2025 (T-1 day), with allocations made from low to high according to bid rates. Settlement is due by 3:00 PM on October 23, 2025 (T+1 day). The issuer's credit rating and the bond's credit rating are both AAA, indicating strong repayment ability. The proceeds will be used to repay existing interest-bearing debts.