China’s Biggest Tech Bond Issuer This Year Is a Dairy Maker
Dairy products move along production lines at Inner Mongolia Yili Industrial Group Co.'s Global Intelligent Manufacturing Industrial Park in Holhot, Inner Mongolia, China.
Photographer: Qilai Shen/BloombergChina’s efforts to fuel tech sector growth through an onshore bond program targeting innovation have produced an unexpected beneficiary: Asia’s largest dairy producer.
Inner Mongolia Yili Industrial Group Co., a northern Chinese maker of milk and dairy products, has issued a total of 45 billion yuan ($6.5 billion) of technology and innovation bonds this year, eclipsing such debt sales from actual tech firms, and making it the largest issuer for the period under the program, data compiled by Bloomberg show.