China Railway Construction Corporation Limited (01186) has announced the completion of its bond issuance. According to the issuance announcement for the 2026 Sci-Tech Innovation Perpetual Corporate Bonds (Phase I) targeting professional investors, the total issuance scale was set at no more than 3 billion yuan, inclusive. The bonds are divided into two series. Series One has a cycle of five interest-bearing years. At the end of each cycle, the issuer has the right to extend the maturity of Series One for an additional cycle of five years, or to fully redeem the bonds at maturity. Series Two has a cycle of ten interest-bearing years. At the end of each cycle, the issuer has the right to extend the maturity of Series Two for an additional cycle of ten years, or to fully redeem the bonds at maturity. The issuance process concluded on March 20, 2026. The final issuance size for Series One was 2.00 billion yuan, with a final initial cycle coupon rate of 2.27% and a subscription multiple of 3.16 times. The final issuance size for Series Two was 1.00 billion yuan, with a final initial cycle coupon rate of 2.65% and a subscription multiple of 1.68 times.