Innovation-driven, with growth on multiple fronts—Bohai Bank’s investment banking business demonstrates strong momentum for high-quality development.

In 2025, Bohai Bank’s investment banking business closely focused on serving the real economy and the regional development strategy. With innovation as the driving engine, it achieved historic breakthroughs and systematic upgrades across multiple business areas, including bond underwriting, capital market activities, and distinctive leasing. Its product lineup has become increasingly well-developed, its service level has improved significantly, and it has injected strong new momentum into the bank’s high-quality development.

Bond underwriting leads innovation, providing comprehensive coverage to support industrial upgrading

Bohai Bank proactively seized innovative opportunities in the bond market and actively aligned with pilot policies from industry associations. It built a diversified product matrix and delivered targeted support for national strategies and clients’ individualized needs. In 2025, the bank’s lead underwriting of various innovative special-purpose products reached RMB 38.939 billion, a year-on-year increase of 93.84%. It achieved full coverage of all major categories of innovative label bond products, including Panda bonds, STAR Market innovation bonds, green bonds, carbon-neutral bonds, rural revitalization bonds, and asset-backed notes, bringing its innovative service capability to a new level.

Throughout the year, Bohai Bank played key roles in multiple “first-of-its-kind” and “first batch” projects: it successfully participated in the underwriting of five first-batch technology innovation bonds in the full market, including Tianjin Pharmaceuticals and Bohai Chemical; and it undertook the underwriting of the first-batch technology innovation bonds of private equity investment institutions in the full market by Oriental Fortune Sea. It also participated in the underwriting of first-batch pension-industry bonds in the full market under Yiyang Health, using financial strength to support the “silver economy.” Particularly noteworthy is that the bank, for the first time among financial institutions in Tianjin, successfully landed and undertook the underwriting business for sovereign Panda bonds; this not only highlighted its professional cross-border service capability, but also strongly supported the process of RMB internationalization. A series of innovative practices fully demonstrates the bank’s firm commitment to precisely empowering technology innovation, the private economy, green development, and improvements to people’s livelihoods with financial capital.

Deepening capital market business Product system achieves full coverage of key areas

Bohai Bank continues to deepen its focus in the capital market business sector, with both product richness and market competitiveness rising in tandem. In 2025, its stock repurchase and shareholding increase special-purpose loan business proceeded steadily. The bank deployed five projects during the year, with a total amount of RMB 1.619 billion. According to relevant publicly available data, the bank ranked sixth among twelve national joint-stock commercial banks in terms of the scale of this business, with a solid market position.

At the same time, product innovation achieved substantive breakthroughs: it successfully rolled out the bank’s first on-exchange stock pledge financing project (Sichuan Shuangma) and its first directed convertible bond investment project (Huafa Shares), filling prior business gaps. By the end of 2025, Bohai Bank’s capital market business had basically achieved full coverage of major key products on and off exchange, including on-exchange and off-exchange stock pledge financing, convertible bonds, exchangeable bonds, rights-of-interest financing, and employee equity incentive programs. This enables it to provide listed companies and their shareholders, as well as executives, with a bundled, comprehensive financial service solution.

Leasing characteristic benchmarks stand out “Three-in-one” innovation paradigm leads

Bohai Bank has deeply integrated into the regional economy and, in the distinctive financial leasing sector, built a clearly defined innovation benchmark. During the year, it successfully rolled out the bank’s first international accounts receivable financing service and the Tianjin Branch’s first fixed-asset loan project under aircraft leasing, deeply embedding itself in the leasing industrial ecosystem of the Dongjiang Bonded Port Area.

Even more noteworthy is that the bank jointly released the country’s first credit bond index based on the Free Trade Pilot Zone dimension—“Tianjin Free Trade Pilot Zone Financial Innovation Financing Leasing Credit Bond Index.” It also coordinated with Bohai Bank Wealth Management’s subsidiary within the group to successfully launch a customized wealth management product linked to this index, “FTURongzu 1 No. Fixed-Income 3-Month Closed-End Wealth Management,” which successfully completed fundraising in April 2025. This pioneering move created a “index + product + regional industrial” three-in-one financial innovation paradigm. It not only enhances market attention and pricing transparency for the leasing segment in Tianjin’s free trade zone, but also allows investors to share the dividends from the growth of regional advantage industries—serving as a vivid example of high-quality development in regional-featured industry financial services.

Looking ahead, Bohai Bank will continue to adhere to the innovation-driven development strategy, continuously consolidate and expand its business highlights, and enrich its product and service system. With even better financial solutions, it will continue to empower the real economy and move forward confidently along the path of high-quality development.

(Editor: Wang Lei)

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