Breaking through the traditional "Three Sheets" constraints, the six major state-owned banks continue to see high growth in technology loans

Securities Times reporter Xie Zhongxiang

In recent days, listed banks have released their 2025 annual reports in a focused manner, and the six state-owned major banks have continued to strengthen their leading role in technology finance. As of the end of 2025, the combined balance of technology loans of the six state-owned banks has exceeded 23.3 trillion yuan, with year-on-year growth rates generally staying at 15% or above.

AI industry chain lending increases

With advantages in total asset size, the six state-owned major banks continue to hold an absolute leading position in the balance of technology loans, and their growth rates are notably high.

The management of Industrial and Commercial Bank of China (ICBC) disclosed in a results briefing that at the end of 2025, the balance rate of technology loans was the first to exceed 6 trillion yuan, increasing by nearly 1 trillion yuan from the beginning of the year; the year-on-year growth rate reached 19.9%, and the balance of technology loan deployment remained first among peers. Among them, the balance of loans to strategic emerging industries exceeded 4 trillion yuan.

By the end of 2025, China Construction Bank’s (CCB) balance of technology loans was 5.25 trillion yuan, with an increase of 18.91%. Of this, the balance of loans to strategic emerging industries was 3.52 trillion yuan, up 23.46%. According to disclosures, CCB has focused on semiconductors, high-end equipment manufacturing, next-generation information technology, industrial gases, new energy, and other emerging industries and future industries.

By the end of 2025, Agricultural Bank of China’s (ABC) balance of technology loans was 4.7 trillion yuan, up 20.1% from the end of the prior year; it has connected with and served more than 350,000 technology-based enterprises. On the one hand, ABC focuses on a modern industrial system and industries driven by new quality productive forces; on the other hand, it highlights agricultural science and technology characteristics, serving initiatives such as improved seed industry revitalization, agricultural industrial parks, and agricultural machinery equipment, and supporting leading agricultural technology enterprises.

By the end of 2025, the balance of technology loans at Bank of China (BOC) exceeded 4.82 trillion yuan, up 18.78% year on year, and the total number of credit customers exceeded 170,000. Among them, both the credit coverage ratio for technology-based enterprises and the increase in customers are at market-leading levels. BOC also was the first to release an action plan to support the development of the artificial intelligence industry chain. It has established cooperation with nearly 4,500 core enterprises in the AI industry chain, and over the next five years it plans to provide specialized integrated financial support of no less than 1 trillion yuan for this industry chain.

By the end of 2025, the balance of technology loans at Bank of Communications was 1.58 trillion yuan, up 10.73% from the end of the prior year. Loans to “specialized, refined, distinctive, and innovative” SMEs and to technology-based SMEs increased by 21.02% and 36.29%, respectively, from the end of the prior year. Based in its Shanghai base, BoCom focuses on supporting three leading industries: integrated circuits, biopharmaceuticals, and artificial intelligence.

By the end of 2025, Postal Savings Bank of China (PSBC) saw its balance of technology loans exceed 950 billion yuan, up more than 13% from the end of the prior year. It served more than 100,000 technology-based enterprises, and technology-based SME loans account for a relatively prominent share of technology loans among the state-owned major banks.

Overall, the six major banks have continued to increase their support for technological innovation through ongoing credit deployment. Their total loan balance increased by more than 3.6 trillion yuan compared with the end of 2024. While maintaining overall growth in loan volumes, each bank has stepped up precise “drip irrigation” support for strategic emerging industries such as artificial intelligence, integrated circuits, biopharmaceuticals, and new energy, and differences in industrial layouts have become increasingly clear.

Build a “technology flow” evaluation system

In addition to scale expansion, state-owned major banks have also significantly improved the precision and professionalism of their services to technology-based enterprises. They have generally established a full-cycle service system covering enterprises from the start-up stage, growth stage, and maturity stage through to going public. They also address financing difficulties for “light-asset, no collateral” cases through the establishment of specialized institutions and digital risk-control methods. In terms of organizational structure, state-owned major banks have generally built a multi-level technology finance service system of “head office—branch—sub-branch—specialized outlets.”

Among them, ICBC has set up 25 technology finance centers at branches and 160 technology branches; ABC has set up 25 technology finance service centers and more than 300 technology specialized sub-branches; BOC has, in 24 provinces and cities with concentrated core innovation and tech resources including Beijing, Shanghai, and Shenzhen, established technology finance centers and 275 technology finance outlets; BoCom’s total number of technology branches and technology-feature branches has exceeded 100; PSBC has set up technology finance business units at six first-level branches in Beijing, Shanghai, Jiangsu, and other locations, and has built more than 100 technology finance characteristic sub-branches and characteristic outlets.

In terms of service models, the six major banks have rolled out dedicated credit products and evaluation models to break free from the traditional constraints of the “three tables.” CCB has built a “technology flow” science and technology innovation evaluation system, introducing intellectual property, technical capability, and information on entrepreneurs as a fourth “table”—the science and technology innovation table—helping enterprises achieve the “credit-ification” and “digitalization” of their intellectual property.

PSBC is promoting and applying the “technology flow” evaluation system. The credit limit for customers evaluated under “technology flow” exceeds 100 billion yuan. It also advances the construction of the “Sci-Tech Cloud Map,” a panoramic evaluation platform for technology-based enterprises. BoCom has independently developed a “1+N” evaluation model for technology-based enterprises, scoring enterprises’ technological innovation capabilities across five dimensions: human capital, research and development capability, social recognition, operating performance, and industry standing.

In addition, to meet the full-cycle needs of technology enterprises, each bank has introduced a differentiated product matrix. For example, ICBC has launched featured scenario products such as “R&D loans,” “innovation points loans,” and “special loans for disruptive technological innovation.” CCB offers “Shanxin loans” and “Shanke loans” for start-up-stage enterprises, and provides products with different characteristics for growth-stage and maturity-stage enterprises. ABC has created an “Agricultural Bank Chuangda” full lifecycle service solution.

AIC equity investment and M&A loans move up together

Another major trend highlighted by the 2025 annual reports is that large banks holding the Financial Asset Investment Company (AIC) license are accelerating the construction of a financing support system that links equity and debt investment in multiple ways. Through policy opportunities such as the expansion of AIC equity investment pilot programs, underwriting of science and technology innovation bonds, and pilot programs for technology enterprise merger and acquisition loans, they are creating a new paradigm of “invest-loan linkage.”

At the end of last year, ICBC, through ICBC Investment, established 48 AIC equity investment pilot funds with a subscribed amount of 108.4 billion yuan. CCB has cumulatively set up 28 AIC equity investment pilot funds, with an outstanding equity investment balance for technology-based enterprises exceeding 90 billion yuan. Both banks have achieved full coverage of pilot city fund cooperation for their first batch.

BOC has set up 28 AIC equity investment funds under its subsidiary BOC Asset Management, while BOC Securities has set up 10 science and technology innovation mother funds, and it has delivered landmark projects in fields such as commercial aerospace, biopharmaceuticals, artificial intelligence, and integrated circuits.

Worth noting is that the pilot policy for M&A loans to technology enterprises was fully implemented across 2025. CCB will treat M&A businesses as an important lever in technology finance, promoting technology-sector M&A loans to account for nearly 70% of all new additions to M&A loans. BOC, through “M&A loans + M&A advisors + equity investment,” builds an integrated service model combining commercial and investment banking functions.

Judging from annual report data, the technology finance business of China’s state-owned major banks has formed a diversified pattern of “a solid credit fundamentals base, accelerated equity-invest-loan linkage, expanded bond underwriting, and breakthroughs in M&A services.” As the AIC team expands to cover all six state-owned major banks and as the pilot for technology enterprise M&A loans deepens, commercial banks’ capacity to supply “patient capital” has been significantly strengthened, providing stronger financial support for the deep integration of technological innovation and industrial innovation.

(Editor: Dong Pingping ）

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