Breaking through the traditional "Three Sheets" constraints, the six major state-owned banks continue to see high growth in technology loans

Securities Times reporter Xie Zhongxiang

In recent days, listed banks have集中发布 their 2025 annual reports. The six state-owned major banks have continued to strengthen their position as the main force in technology finance. By the end of 2025, the combined balance of technology loans of the six state-owned banks exceeded 23.3 trillion yuan, with year-over-year growth rates generally staying at above 15%.

AI industry chain loan deployment steps up

With advantages in total asset size, the six state-owned major banks have continued to maintain an absolute leading position in the balance of technology loans in the market, and their growth rates have been notably significant.

At the earnings release meeting, the management of Industrial and Commercial Bank of China revealed that by the end of 2025, the balance of technology loans was the first to break through 6 trillion yuan, increasing by nearly 1 trillion yuan from the beginning of the year. The year-over-year growth rate reached 19.9%, and the balance of technology loans remained the top among peers. Among them, the balance of loans to strategic emerging industries exceeded 4 trillion yuan.

By the end of 2025, China Construction Bank’s balance of technology loans was 5.25 trillion yuan, an increase of 18.91%. Of this, the balance of loans to strategic emerging industries was 3.52 trillion yuan, an increase of 23.46%. According to the disclosures, CCB will focus on emerging and future industries such as semiconductors, high-end equipment manufacturing, next-generation information technology, industrial gases, and new energy.

By the end of 2025, Agricultural Bank of China’s balance of technology loans was 4.7 trillion yuan, up 20.1% from the end of the previous year; it connected with and served more than 350k technology-based enterprises. On the one hand, ABC focuses on a modern industrial system and new quality productive forces industries; on the other hand, it highlights the distinctive features of agricultural science and technology, serving seed-industry revitalization, agricultural parks, agricultural machinery and equipment, and supporting leading agricultural technology enterprises.

As of the end of 2025, Bank of China’s balance of technology loans exceeded 4.82 trillion yuan, up 18.78% year over year. The total number of credit customers exceeded 170k. Among them, the coverage ratio of credit granted to technology-based enterprises and the increase in customers are both at leading levels in the market. BOC also took the lead in issuing an action plan to support the development of the artificial intelligence industry chain. It has established cooperation with nearly 4,500 core enterprises in the AI industry chain. In the next five years, it plans to provide no less than 1 trillion yuan in special comprehensive financial support for this industry chain.

By the end of 2025, Bank of Communications’ balance of technology loans was 1.58 trillion yuan, up 10.73% from the end of the previous year; “specialized, refined, distinctive, and innovative” small and micro enterprises’ loans and loans to technology-based small and micro enterprises increased by 21.02% and 36.29% respectively from the end of the previous year. Based on its Shanghai hub, BoCom focuses on supporting three leading industries: integrated circuits, biopharmaceuticals, and artificial intelligence.

By the end of 2025, Postal Savings Bank of China’s balance of technology loans exceeded 950 billion yuan, up more than 13% from the end of the previous year. It served more than 100k technology-based enterprises, and loans to technology-based small and micro enterprises account for a leading share of technology loans among the state-owned major banks.

Overall, the six major banks have continued to increase support for technological innovation through sustained credit deployment. Their combined balance of loans grew by more than 3.6 trillion yuan compared with the end of 2024. While maintaining overall growth in size, each bank has stepped up targeted “drip irrigation” support for strategic emerging industries such as artificial intelligence, integrated circuits, biopharmaceuticals, and new energy. The differentiated features of their industrial layouts have become increasingly prominent.

Building a “technology stream” evaluation system

In addition to scale expansion, state-owned major banks have also significantly improved their precision and professionalism in serving technology-based enterprises. They have generally established a full-cycle service system covering everything from the enterprise’s start-up phase, growth phase, and mature phase through to listing, and they have tackled the financing difficulties of “light assets and no collateral” through the construction of dedicated institutions and digital risk-control tools. In terms of organizational structure, state-owned major banks have generally set up a multi-tier technology finance service system of “head office—branches—sub-branches—specialized outlets.”

Among them, ICBC set up 25 branch-level technology finance centers and 160 technology sub-branches; ABC set up 25 technology finance service centers and more than 300 technology-focused sub-branches; BOC established technology finance centers and 275 technology financial outlets in 24 provinces and cities with concentrated science-and-technology innovation resources, such as Beijing, Shanghai, and Shenzhen; BoCom’s total number of technology sub-branches and technology-feature sub-branches exceeded 100; PSBC set up technology finance business departments at six first-level branches in Beijing, Shanghai, and Jiangsu, and built more than 100 technology finance feature sub-branches and feature outlets.

In terms of service models, the six major banks have rolled out exclusive credit products and evaluation models, breaking the constraints of the traditional “three statements.” CCB has built a “technology stream” innovation and technology assessment system, introducing intellectual property, technical capability, and entrepreneur information as the fourth “statement”—the technology innovation statement—helping enterprises achieve the “credit-based” and “digital” transformation of intellectual property.

PSBC has promoted and applied the “technology stream” evaluation system. The credit limits for “technology stream” rated customers exceed 233k yuan. At the same time, it is also推进 constructing the “Sci-Tech Cloud Map,” an all-round evaluation platform for technology-based enterprises. BoCom independently developed a “1+N” evaluation model for technology-based enterprises, scoring enterprises’ technology innovation capabilities across five dimensions: human capital, scientific research capability, social recognition, operating performance, and industry position.

In addition, to meet the full-cycle needs of technology enterprises, each bank has introduced a differentiated product matrix. For example, ICBC offers scenario-based products such as “R&D Loans,” “Innovation Points Loans,” and “Special Loans for Disruptive Technology Innovation”; for start-up period enterprises, CCB provides “Shanxin Loans” and “Shanke Loans,” offering different products tailored to enterprises in the growth and mature phases; ABC has built the “ABC Chuangda” full-life-cycle service solution.

AIC equity investments and M&A loans both ramp up

Another major trend highlighted by the 2025 annual reports is that major banks holding the Financial Assets Investment Company (AIC) license are accelerating the construction of a financing support system that integrates equity and debt financing. Taking policy opportunities such as expanding the pilot of AIC equity investments, underwriting science and technology innovation bonds, and piloting technology enterprise M&A loans, they are building a new paradigm of “investment and lending integration.”

By the end of last year, ICBC, through ICBC Investment, had established 48 pilot funds for AIC equity investments, with a subscribed amount of 108.4 billion yuan; CCB had cumulatively established 28 pilot funds for AIC equity investments, with an outstanding equity investment balance in technology-based enterprises exceeding 90 billion yuan. Both major banks achieved full coverage of cooperation with pilot-city funds for the first batch.

BOC’s subsidiary BOC Asset Management established 28 AIC equity investment funds. BOC Securities established 10 science-and-technology innovation mother funds, and has implemented landmark projects in fields including commercial aerospace, biopharmaceuticals, artificial intelligence, and integrated circuits.

Worth noting is that the pilot policy for technology enterprise M&A loans was fully implemented in 2025. CCB regards M&A businesses as an important lever for technology finance, promoting M&A loans in the technology sector to account for nearly 70% of the increase in new M&A loans across the board; BOC builds an integrated service model combining merchant banking and investment through “M&A loans + M&A advisory + equity investments.”

Judging from annual report data, the technology finance businesses of the state-owned major banks have already formed a diversified pattern of “stable foundations in credit, accelerating integration of equity and lending, expanded bond underwriting, and breakthroughs in M&A services.” As the AIC lineup expands to achieve full coverage across six state-owned major banks, and as the pilot of technology enterprise M&A loans deepens, commercial banks’ capacity to supply “patient capital” has been significantly strengthened, providing more solid financial support for the deep integration of technological innovation and industrial innovation.