The inaugural "2026 First Phase Medium-Term Note (Merger & Acquisition)" for China Storage & Distribution Development Co., Ltd. was successfully issued in the interbank bond market. This transaction was led and arranged by CBHB, which also acted as the bookrunner.

The issuance size is 500 million yuan with a two-year tenor. This marks the first successful M&A-themed medium-term note project in the Tianjin region. Additionally, it set a new low for the issuance price of medium-term note products in Tianjin, establishing a benchmark model for innovative M&A financing in the area.

The proceeds from this M&A note will be used to support China Storage & Distribution Development Co., Ltd. in optimizing its nationwide warehousing node network and expanding its high-quality logistics capacity. The company, with its deep roots in Tianjin and a national footprint, plays a crucial strategic role in domestic bulk commodity warehousing, logistics, and supply chain services. This financing will help the firm strengthen its strategic foundation for ensuring supply, stabilizing industrial chains, and supporting the development of the national circulation industry.

In December 2025, the National Association of Financial Market Institutional Investors introduced optimized policies for M&A notes, further improving the supporting mechanisms for M&A financing. These policies guide low-cost direct financing to precisely support real-economy M&A scenarios.

As the sole nationwide joint-stock commercial bank headquartered in Tianjin, CBHB promptly aligned with this policy direction. The bank proactively engaged with bond-issuing enterprises in the region that have M&A needs, accurately identified their specific requirements for optimizing M&A financing structures, and efficiently completed project promotion.

From policy interpretation and scheme design to document preparation and prospectus drafting, and from project communication to final issuance, CBHB fully leveraged the coordinated advantages of its head office and branches. Through efficient collaboration with the issuer and close coordination with various intermediaries, the bank successfully executed the first M&A note in the Tianjin region.

The successful issuance of this first Tianjin M&A note represents a tangible achievement of CBHB in its commitment to serving the local economy. It also stands as a landmark example of the bank utilizing interbank direct financing instruments to assist local state-owned enterprises with M&A integration and industrial upgrading.

CBHB stated that its next steps will involve seizing the policy window for direct financing, focusing on the M&A integration needs of real-economy enterprises, expanding its comprehensive suite of investment banking services, and continuously supporting the stable, long-term development of Tianjin's real economy.