Chinese companies line up to sell ‘innovation bonds’, capitalising on Beijing’s technology push

Chinese banks, brokerages and private equity firms are among companies kicking off plans on Thursday to sell so-called sci-tech innovation bonds. Beijing published detailed rules on Wednesday for a “technology board” in the bond market to fund innovation amid intensifying Sino-US rivalry.

Tech companies can already issue such bonds, but financial companies have become eligible under the new mechanism. China’s central bank will provide low-cost funding to support bond sales, while local governments will help share losses in the event of defaults.

It…