Following the guiding principles of the Fourth Plenary Session of the 20th Central Committee, which called for accelerating the building of a financial powerhouse and actively developing direct financing instruments such as bonds, the Industrial and Commercial Bank of China (ICBC) has thoroughly implemented the Party Central Committee's decisions and deployments. The bank has fully leveraged its advantages in bond services to significantly enhance the quality and efficiency of its support for the real economy. In 2025, ICBC acted as the lead underwriter for over 3,200 bonds of various types, with a total underwriting volume surpassing 2.2 trillion yuan. Notably, it served as the lead underwriter for credit bonds exceeding 860 billion yuan for nearly 400 clients, representing a year-on-year increase of nearly 20%, thereby injecting robust financial momentum into the high-quality development of the real economy.
In serving the goal of achieving greater self-reliance and strength in science and technology, ICBC actively contributed to the development of the bond market's "technology board" and the multi-tiered bond market. It worked to broaden the financing channels for technology innovation enterprises, stimulating both the drive for innovation and market vitality. In 2025, ICBC pioneered the underwriting of the first batch of technology innovation bonds, cumulatively underwriting 130 such bonds throughout the year with a total scale of over 114 billion yuan. This effort guided bond market capital towards early-stage investments, small enterprises, long-term projects, and core technologies, aiding in the cultivation of new, quality productive forces. Among these achievements were exclusively lead-underwriting the market's largest single corporate sci-tech innovation bond, co-leading the underwriting of the first green "two-new" technology innovation bond, and lead-underwriting the market's first batch of sci-tech Panda bonds and sci-tech innovation bonds for private equity investment institutions, effectively supporting the construction of a technology powerhouse.
In serving high-standard opening up, ICBC continued to leverage its global service network and strengths in cross-border financial services. It met the diverse financing needs of clients with high-quality financial products and services, contributing to the advancement of the internationalization of the renminbi. In 2025, ICBC underwrote 46 Panda bonds for 28 high-quality overseas issuers, with an underwriting volume of 25.5 billion yuan. Key milestones included leading the underwriting of the first Panda bond for a US client, underwriting the first Panda bond for an African development institution, the first for a British client, and the largest sovereign Panda bond to date.
As a major underwriter and investor in the interbank bond market, ICBC will earnestly implement the spirit of the Fourth Plenary Session of the 20th Central Committee. It remains deeply committed to the political and people-oriented nature of financial work, fully exerting its role as a main force among large state-owned banks. The bank will precisely align with the nation's major strategic deployments and the development needs of the real economy, striving to contribute to the promotion of high-quality economic and social development.
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