According to Bloomberg, Inner Mongolia Yili Industrial Group Co., Asia’s largest dairy producer, has become the biggest issuer under China’s government-backed technology and innovation bond program.
In 2026, the company issued bonds totaling RMB 45 billion (approximately $6.5 billion), surpassing many traditional technology corporations. The tech bond program, launched in May 2025, introduced a simplified regulatory approval process, making it attractive not only to high-tech firms but also to state-owned and industrial enterprises.
The total issuance volume under the program has already reached around RMB 3 trillion. However, more than half of the bonds issued carry maturities of up to one year, indicating that the instrument is primarily being used for short-term liquidity management, debt refinancing, and working capital support. In Yili’s case, all issuances have maturities of up to 90 days.
Analysts note that while such issuances formally comply with program requirements, the funding structure does not always fully align with the original objective of promoting long-term technological investment.
At the same time, Yili holds the status of a model innovation enterprise and invests hundreds of millions of yuan annually in R&D activities.
For the dairy sector, this development illustrates how large processing companies are integrating into state-driven innovation financing mechanisms. It also underscores the growing strategic role of major agri-food corporations within China’s national industrial policy framework.
Source: Bloomberg
