On April 10, 2025, China Communications Third Navigation Engineering Bureau Co., Ltd. successfully issued its 2025 Public Technology Innovation Perpetual Corporate Bonds (Phase II) for Professional Investors (bond abbreviation: Sanhang YK04). The issuance size was RMB 500 million, with a 3+N-year term and a coupon rate of 2.12%, setting a new low coupon rate for perpetual corporate bonds of the same size issued so far in 2025.

Technology innovation corporate bonds are direct financing instruments specifically designed for technology-oriented enterprises. Issued by companies or government platforms, the proceeds are mainly invested in frontier technology R&D, purchases of advanced equipment, and equity investments in technology and innovation enterprises. Compared with equity financing, such bonds generally involve lower risk and offer relatively stable returns, making them suitable for investors seeking medium- to long-term allocation. Their issuance not only broadens financing channels for technology enterprises, but also provides the market with high-quality assets, helping implement the national innovation strategy, advance breakthroughs in core technologies, and promote industrial upgrading and high-quality economic development.

As special legal counsel to this project, Landing Law Offices appointed Senior Partner Attorney Liu Zhaofu and Independent Attorney Kong Lingsen to provide professional and efficient legal services throughout the issuance process, contributing to its successful completion. This project has also enabled the firm to accumulate valuable experience in providing specialized legal services in the field of corporate technological innovation. Guided by its commitment to absolute specialization, Landing will continue to deliver professional services to its clients.