[Science and technology bonds are moving from testing the waters to customization, and the venture capital fundraising ecosystem is being restructured] September 18th. Recently, domestic venture capital institutions have been actively issuing science and technology bonds, with continuous innovations in terms design. New products such as ultra-long-term artificial intelligence industry chain science and technology bonds, exchangeable terms science and technology bonds, and targeted issuance of science and technology bonds have been launched one after another. The bond market is adapting to the long-term nature of hard technology investment through diversified mechanisms. While science and technology innovation bonds help venture capital institutions relieve financial pressure and support long-term science and technology innovation investments, the industry is also faced with practical problems such as mismatch of asset liability periods, high debt issuance thresholds for private institutions, and poor credit enhancement channels. Experts said that the market-oriented innovation of science and technology innovation bonds still needs to continue to be deepened. By improving the credit enhancement mechanism, enriching the product system, and cultivating the investment ecology, we can further open up the capital channels for the bond market to serve scientific and technological innovation. (China Securities Journal)