On March 10th, Jiuzhou Tong Pharmaceutical Group Co., Ltd. (hereinafter referred to as "Jiuzhou Tong") successfully issued the second batch of 2026 technology innovation bonds in the Interbank Market Dealers Association. The issuance scale of this bond is RMB 300 million, with a bond term of three years and a coupon rate of 1.80%, setting a new low for the issuance interest rate of private enterprise bonds and becoming a new benchmark for the issuance of private enterprise bonds in China. The subscription multiple for the entire market is as high as 3.8 times.

Policy Guidance

This bond issuance has benefited from multiple favorable policies. On February 17, 2025, Group Chairman Liu Changyun attended the National Symposium on Private Enterprises, which further strengthened the confidence of private enterprises in development, implemented policy guarantees, and promoted high-quality development. Liu Changyun, as one of the representatives of 31 private enterprises across the country, was greatly encouraged to attend the conference. The company focused on its main business operations, improved quality and efficiency for development, ensured compliance and safety, and further enhanced the quality of its operations.

In addition, the Interbank Market Dealers Association has increased its support for the issuance of private enterprise bonds from various aspects such as product innovation, registration facilitation, investment guidance, and risk mitigation, effectively boosting market confidence.

By utilizing multiple subsidiaries to obtain the qualification of a national science and technology innovation enterprise, Jiuzhou Tong's bonds in this issue have been successfully approved for the special label of science and technology innovation bonds, accurately matching the national industrial orientation and attracting the favor of bond market investors. Investors are enthusiastic and have high subscription multiples.

Credit Guarantee

Corporate credit is the foundation of corporate bonds, and Jiuzhou Tong's persistent pursuit is to improve quality and efficiency, be honest and trustworthy, establish a century old business, and adhere to long-term principles.

For a long time, Jiuzhou Tong has adhered to strategic transformation, implemented the "three new and two modernizations" development strategy, and continuously built its own core competitiveness; Persist in improving quality and efficiency, continuously enhance business quality, and steadily increase sales and profits. On August 25, 2025, the company successfully obtained an AAA credit rating. This bond is the first medium to long-term credit bond issued by Kyushu Tong after obtaining an AAA credit rating. Due to its high credit rating as a backing, it has been highly sought after by investors, fully demonstrating the powerful empowering effect of the highest credit rating on corporate financing.

The successful issuance of this bond is of great significance to Jiuzhou Tong. Firstly, it aims to become a benchmark for private enterprises to issue bonds. Private enterprise bond issuance has been relatively sluggish, but there are still outstanding representatives. To maintain the good credit of private enterprises, optimize the bond issuance environment for private enterprises, and support their healthy development, Jiuzhou Tong has successfully created a new benchmark for private enterprise bond issuance with its outstanding performance in this bond issuance.

Next is the anchoring of bond issuance prices. Corporate bonds are priced around the valuation of Chinese bonds, but the valuation of Chinese bonds is influenced by the issuance price and transaction price of corporate bonds. Therefore, the issuance price of this medium-term note (technology innovation bond) has become the pricing anchor for the future bond issuance of Jiuzhou Tong, which has an anchoring effect on guiding future market pricing.

Finally, it is a powerful tool for controlling financial expenses. The pharmaceutical industry is a capital intensive sector, and financial cost control is particularly important. By directly financing at a rate lower than bank loan interest rates, it is possible to expand financing channels, reduce financing interest rates, control financial costs, and enhance the market competitiveness of enterprises.

In the future, Jiuzhou Tong will focus on its core business of pharmaceutical circulation, accelerate digital transformation and supply chain upgrading, and provide strong financial support for expanding the pharmaceutical and health service ecosystem.