CHINA RAIL CONS (01186) announced the completion of its 2025 issuance of technology innovation perpetual corporate bonds (Phase IV) for professional investors on December 18, 2025.

The final issuance scale for Series I bonds reached RMB1.00 billion, with an initial coupon rate of 2.12% and a subscription multiple of 1.77 times. Series II bonds achieved a final issuance scale of RMB1.20 billion, carrying an initial coupon rate of 2.38% with a subscription multiple of 1.24 times. The full amount of Series III bonds was reallocated to Series I and II.