China fundraising jumps as refinancing and bond issuance boom.

Chinese companies raised 1.26 trillion yuan (about $183 billion) through A-share markets in Shanghai and Shenzhen in 2025, an increase of 833 billion yuan from 2024, driven largely by a surge in refinancing and bond issuance, according to data released by the National Bureau of Statistics on February 28, 2026. A-share refinancing alone reached 1.13 trillion yuan via private placements, convertible bonds and rights issues as the Shanghai and Shenzhen exchanges eased refinancing requirements for high-quality firms.

"China fundraising jumps to $183 billion as refinancing and bond issuance boom," said the MENA Fintech Association, summarising official data and market developments that industry sources have flagged as a policy-driven revival of capital markets.

The rebound in Chinese capital markets is arriving alongside renewed funding momentum in the Middle East and North Africa. MENA fintech ecosystems drew $1.2 billion across 178 deals in 2025, led by the UAE with $519 million and Saudi Arabia capturing $235 million in initial fintech investment. Saudi Arabia’s broader startup sector secured $3.7 billion in total funding last year, underscoring growing investor appetite for later-stage and growth capital in the region.

Chinese banks have amplified their presence in the Gulf, lending a record $15.7 billion to Gulf states—predominantly Saudi Arabia—providing a parallel source of liquidity that market participants say could support cross-border financing and co-investment activity. The surge in refinancing activity on China’s exchanges, which relied heavily on convertible instruments and rights offerings, has prompted GCC markets to eye a greater role for sukuk and convertible structures as part of a broader refinancing toolkit.

Market observers cited in the MENA Fintech Association dispatch note that private equity firms facing difficulties exiting Chinese holdings are increasingly shifting capital toward resilient hubs such as Riyadh and Dubai. Regulators and exchanges in both Dubai and Riyadh have already introduced regulatory frameworks accommodating convertible instruments and sukuk issuances, creating infrastructure that could sustain a wave of refinancing-led growth for mature fintech companies in the region.

What to watch next

• Debt issuance volumes in 2026 from Saudi Arabian and UAE fintech firms, with an emphasis on sukuk and convertible instruments.
• The development of China–Gulf banking relationships and any co-investment vehicles targeting regional fintech scale-ups, following the $15.7 billion in Chinese bank lending to the Gulf.
• Whether MENA exchanges adopt refinancing-easing policies similar to Shanghai and Shenzhen to support later-stage issuers and increase market depth.

China’s 2025 fundraising surge—spurred by policy measures and expanded refinancing channels—offers a practical playbook for MENA markets as they transition from early-stage venture financing to larger refinancing and bond-market instruments. As cross-border flows deepen, the interplay between Chinese capital markets and Gulf liquidity could reshape financing pathways for the region’s maturing fintech sector.