China issues more Sci-Tech innovation bonds in 2024: regulator

China issued 539 sci-tech innovation bonds in 2024, with the total value reaching a high of 610 billion yuan (84.9 billion U.S. dollars), a year-on-year increase of 64 percent, a senior official with China Securities Regulatory Commission (CSRC) said on Thursday.

Speaking at a press conference in Beijing, Yan Bojin, chief risk officer and director general of the Department of Public Offering Supervision of the CSRC, said that the CSRC has taken a series of reform measures regarding the Star Market and ChiNext, two tech and innovation boards, in recent years to accelerate in-depth integration of innovation, industry and financing.

"The technological content of newly listed companies has kept increasing. Among the companies listed on the Shanghai, Shenzhen and Beijing stock exchanges, nearly 2,700 companies are in strategic emerging industries, accounting for more than 40 percent of the market capitalization. The scale and proportion of private equity and venture capital funds invested in strategic emerging industries are also steadily rising, with the number of projects funded reaching more than 100,000, and with the amount of initial capital invested exceeding four trillion yuan (556.77 billion U.S. dollars)," Yan said.

"Additionally, the role of direct financing through the bond market is becoming increasingly prominent, with 1.2 trillion yuan (166.6 billion U.S. dollars) worth of Sci-Tech innovation bonds issued. In particular, in 2024 alone, 539 Sci-Tech innovation bonds were issued, with a total value of 610 billion yuan (84.9 billion U.S. dollars), a year-on-year increase of 64 percent," he said.

Furthermore, Yan emphasized that the CSRC supports tech companies in utilizing both domestic and international resources. As of the end of April this year, 242 domestic companies had completed filings for overseas listings, 83 of which were technology companies, primarily in fields such as information technology, biomedicine, new energy and advanced manufacturing.

China issues more Sci-Tech innovation bonds in 2024: regulator

Movie fans stepped into the shooting locations of racing-comedy film "Pegasus 3" to explore the industrial site that served as the racetrack in the film during a public open day event on Saturday in Ningbo City, east China's Zhejiang Province.

"Pegasus 3" is the third installment in Director Han Han's racing-comedy franchise starring Shen Teng, one of China's most bankable comedic actors. As of Monday, it has surpassed a box office of over 41 billion yuan (around 596 million U.S. dollars), according to ticketing tracker Maoyan.

A refining plant belonging to Sinopec Zhenhai Refining and Chemical Company, a key filming location for "Pegasus 3," saw its unique industrial landscape transformed into a futuristic cyberpunk-style racetrack in the film.

On the open day event at the plant, many fans located the starting point of the "Muchen 100 Rally" qualifying track from the movie while gathering near the entrance. Refining towers, pipe corridors and lighting perfectly matched the shots seen in the film.

"I'm so happy to visit the plant after seeing 'Pegasus 3.' Seeing these buildings and lights in person makes me feel very proud," said Zheng Sijun, a movie fan.

Many industrial facilities, roads and embankment greenways in the plant area appeared in the film's racetrack scenes. These real industrial settings became a vital part of the movie's visual effects.

Fans also entered the central control room of the refinery to get a close-up look at operations.

"When watching the movie, we only saw a general view of the plant on screen. But coming to the site, you realize this is a truly huge, vast and awe-inspiring industrial complex," said Wang Ziyi, another movie fan.

The event's success indicates that the public's passion for film can be translated into educational initiatives, boosting awareness of China's advancements in productive forces among everyday people in the country.

Popular racing film spurs visits to shooting location in east China's Ningbo city