GEM's first 2025 innovation bond issuance fully subscribed, raising 500m yuan

GEM Co. Ltd. announced the successful issuance and full subscription of its 2025 first tranche medium-term notes (science and technology innovation bonds). The company previously received approval from the National Association of Financial Market Institutional Investors (NAFMII) for a total registration of 2bn yuan for debt financing instruments, including 1.5bn yuan for medium-term notes and 500m yuan for super short-term commercial papers, with a two-year validity period.

The bond, "25 GEM MTN001 (Tech Innovation Bond)," was issued on November 4, 2025, with all 500m yuan in raised capital fully received by November 5, 2025. The notes carry a 3-year term, maturing on November 5, 2028, and were issued at an annual interest rate of 2.75% at a price of 100 yuan per 100 yuan face value.

Guangfa Bank Co. Ltd. served as both bookrunner and lead underwriter for this issuance. Joint lead underwriters included Industrial Bank Co. Ltd., Guangzhou Bank Co. Ltd., Postal Savings Bank of China Co. Ltd., and Shanghai Pudong Development Bank Co. Ltd.