China’s corporate fundraising activity climbed to $280 billion in the fourth quarter of 2025, driven by a sharp increase in bond issuances and refinancing efforts, signaling renewed confidence in the country’s financial markets despite ongoing economic headwinds.
- Corporate fundraising in China reached $280 billion in Q4 2025, a 34% increase from the same period in 2024.
- Bond issuances totaled $198 billion, with 68% in medium- and long-term maturities.
- CNOOC raised $12 billion and Tencent issued $8.3 billion in green bonds during the quarter.
- Municipal and corporate green bonds accounted for $42 billion of total issuance.
- The Shanghai and Shenzhen stock exchanges reported 41% and 37% increases in new bond listings, respectively.
- Refinancing efforts rose significantly, with companies leveraging lower interest rates to manage debt maturities.
Corporate fundraising in China reached $280 billion during the fourth quarter of 2025, marking a 34% year-on-year increase and the highest quarterly level since 2022. The surge was primarily fueled by a record $198 billion in bond issuances, with both state-owned enterprises and private firms actively tapping capital markets to manage debt maturities and finance growth initiatives. The rebound reflects a strategic shift toward refinancing, as companies sought to lock in lower interest rates amid a gradual easing of policy rates. Nearly 68% of the bond issuance volume consisted of medium- and long-term debt, indicating long-term financial planning rather than short-term liquidity fixes. Municipal and corporate green bonds accounted for $42 billion, underscoring growing investor appetite for sustainable finance instruments. Market participants note that improved investor confidence, supported by government measures to stabilize the property sector and enhance credit access, played a key role. The Shanghai Stock Exchange reported a 41% rise in new bond listings, while the Shenzhen market saw a 37% increase in corporate bond placements. Major industrial firms, especially in energy, infrastructure, and technology, led the issuance volume, with China National Offshore Oil Corporation (CNOOC) raising $12 billion and Tencent Holdings issuing $8.3 billion in green bonds. The uptick in fundraising has bolstered market liquidity and supported broader economic activity. Analysts view the trend as a positive signal for financial stability, though risks remain tied to property sector vulnerabilities and uneven credit quality across regional enterprises. Financial institutions and credit rating agencies are monitoring the pace of issuance closely to assess potential refinancing risks in 2026.