China Railway Construction Corporation (01186.HK ) First Phase Technology Innovation Perpetual Corporate Bonds, with Series 1 having a coupon rate of 2.27% and Series 2 a coupon rate of 2.65%.

China Railway Construction Corporation Limited (01186.HK) announced on March 18 that, following registration under the China Securities Regulatory Commission “Securities Permit [2025] No. 2683,” it has approved the company’s public issuance of corporate bonds with a total face value of no more than 30 billion yuan (including 30 billion yuan) to professional investors. The bonds can be issued in installments within the registration validity period.

The issuance scale for this tranche of bonds is up to 3 billion yuan (including 3 billion yuan). The bonds are divided into two types: Type 1 bonds have a five-year interest period, and at the end of each period, the issuer may choose to extend the bond’s term by one period (i.e., extend by 5 years) or to repay the full amount at maturity; Type 2 bonds have a ten-year interest period, and at the end of each period, the issuer may choose to extend the bond’s term by one period (i.e., extend by 10 years) or to repay the full amount at maturity.

On March 18, 2026, the issuer and the bookrunner conducted a bid for the coupon rate with professional institutional investors offline. Based on the bid results from the offline professional investors and after mutual agreement between the issuer and the bookrunner, the initial coupon rate for the first period of Type 1 bonds was set at 2.27%, and for Type 2 bonds at 2.65%.