China Merchants Expressway completes oversubscribed perpetual bond issue

China Merchants Expressway Network & Technology Holdings Company Limited announced the successful issuance of its 2025 technology innovation perpetual corporate bonds (second tranche) for professional investors. The offering achieved a final issuance size of 1.75 billion yuan, with a coupon rate of 1.90%, and was oversubscribed 3.46 times. The issuance took place from November 26 to November 27, 2025.

Associated parties demonstrated substantial participation in the bond offering. China Merchants Securities Co., Ltd., a related party to the issuer, subscribed for 280 million yuan. Underwriting institutions and their affiliates also participated, with China Merchants Securities Co., Ltd. and its affiliate Great Wall Securities Co., Ltd. together subscribing for 430 million yuan.

Other key underwriters included CITIC Securities Co., Ltd., which subscribed for 130 million yuan, and SDIC Securities Co., Ltd., which subscribed for 260 million yuan. China Galaxy Securities Co., Ltd. also participated, subscribing for 50 million yuan. The company confirmed that all subscription bids and procedures complied with relevant regulations, and investors met the necessary qualification requirements.