Core Viewpoint - China Galaxy (06881.HK) has successfully completed a non-public issuance of corporate bonds to professional investors, raising a total of RMB 2 billion [1] Group 1: Bond Issuance Details - The bond issuance consists of two varieties: a 13-month bond and a 25-month bond, each with a final issuance scale of RMB 1 billion [1] - The final coupon rate for the 13-month bond is 1.84%, while the 25-month bond has a final coupon rate of 2.05% [1] Group 2: Fund Utilization - The funds raised from this bond issuance will be used to supplement the company's working capital and repay maturing corporate bond principal [1]

Core Viewpoint - China Galaxy (06881) has successfully completed a non-public issuance of corporate bonds to professional investors, raising a total of RMB 2 billion [1] Group 1: Bond Issuance Details - The bond issuance was completed on October 16, 2025, with a total scale of RMB 2 billion, with a face value and issuance price of RMB 100 per unit [1] - The issuance includes two varieties: a 13-month bond with a final scale of RMB 1 billion and a coupon rate of 1.84%, and a 25-month bond with a final scale of RMB 1 billion and a coupon rate of 2.05% [1] Group 2: Fund Utilization - The funds raised from this bond issuance will be used to supplement the company's working capital and repay maturing corporate bond principal [1]

Core Insights - The 2025 Sustainable Global Leaders Conference was held in Shanghai, emphasizing the importance of technology finance, green finance, inclusive finance, pension finance, and digital finance for high-quality development and serving the real economy [1] Group 1: Technology Finance - Innovation is highlighted as the primary driver of development, with various stock markets providing targeted financing support for technology enterprises [3] - In the past three years, the company has underwritten nearly 100 billion yuan in technology finance, with an investment balance exceeding 26 billion yuan, and 29 invested companies recognized as national "specialized, refined, and innovative" small giants [3] - The company successfully underwrote the first batch of technology bonds for private venture capital institutions this year, aiming to cultivate "patient capital" to support technological innovation [3] Group 2: Green Finance - Green development is identified as the foundation for high-quality financial development, with China's energy transition index ranking rising to 12th globally [5] - During the 14th Five-Year Plan period, the annual growth rate of green loans in China exceeded 20%, with the scale of green loans ranking first in the world [5] - The company established an international ESG research center and developed an independent rating system, achieving significant results in green finance innovation, including underwriting the world's first green bond certified by "drone + carbon satellite" [5] Group 3: Inclusive Finance - Inclusive finance is recognized as a mission to serve the real economy and promote common prosperity, with the annual growth rate of inclusive small loans in China exceeding 20%, reaching a balance of 36 trillion yuan [6] - The company has underwritten over 50 billion yuan in bonds related to inclusive finance in the past three years, with an investment balance of nearly 40 billion yuan [6] - The company created the market's first inclusive agricultural ABS with credit protection certificates and provided hedging services to 3,000 small and micro enterprises, with a transaction scale of nearly 250 billion yuan [6] Group 4: Pension and Digital Finance - In pension finance, the average life expectancy in China reached 79 years, with commercial pension and health insurance reserves totaling 11 trillion yuan [7] - The company has developed the "Galaxy Star Safe Nursing" comprehensive service brand, with over 200,000 personal pension accounts opened [7] - Digital finance is positioned as a key engine for adapting to the digital economy, with the company issuing the first fully processed digital RMB bond and leading the development of industry standards [7]

Core Viewpoint - The 2025 Sustainable Global Leaders Conference is being held in Shanghai, highlighting the achievements of China Galaxy Securities in its 25 years of operation and its commitment to sustainable finance and national strategy [1][3]. Group 1: Company Achievements - China Galaxy Securities has achieved significant growth in terms of institutional numbers, personnel scale, business volume, and financial indicators over the past 25 years [3]. - The company reported record high operating performance and stock price levels in the current year [3]. Group 2: Strategic Direction - The company emphasizes its role as a core hub connecting the real economy and capital markets, aiming to guide capital flow and optimize resource allocation [3]. - Future plans include actively exploring sustainable finance practices and enhancing comprehensive financial service capabilities to build a more resilient and sustainable financial ecosystem [3]. Group 3: Commitment to Sustainability - China Galaxy Securities believes that aligning with sustainable development is essential for achieving long-term value [3]. - The company expresses a willingness to deepen cooperation with global partners to leverage financial expertise in supporting innovation and green industries [3].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 承董事會命 中國銀河證券股份有限公司 （在中華人民共和國註冊成立之股份有限公司） （股份代號：06881） 公告 2025年公司債券（第二期）非公開發行完畢 茲提述中國銀河證券股份有限公司（「本公司」）日期為2025年1月23日的通函以 及2025年2月17日之公告。於2025年2月17日召開的2025年第一次臨時股東大會 上，本公司通過了股東大會對本公司董事會（「董事會」）的授權方案的修訂，據 此，股東大會授權董事會發行債務融資工具，發行規模合計不超過本公司最近一 期經審計淨資產的350%。 董事會宣佈，根據上述股東授權及上海證券交易所的批准，本公司已於2025年10 月16日完成向專業投資者非公開發行2025年公司債券（第二期）（「本期債券」）。本 期債券的發行規模為人民幣20億元，面值及發行價均為每單位人民幣100元。本 期債券包括期限為13個月（「13個月品種」）和期限為25個月（「25個月品種 ...

Core Insights - The 2025 Sustainable Global Leaders Conference will be held from October 16 to 18 in Shanghai, focusing on global action, innovation, and sustainable growth [1] - The conference is co-hosted by the World Green Design Organization and Sina Group, with support from the Shanghai Huangpu District Government [1] - Approximately 500 prominent guests, including 100 international attendees, will participate, featuring political figures, Nobel laureates, and leaders from Fortune 500 companies [1] Company Contributions - China Galaxy Securities has underwritten nearly 100 billion in technology finance over the past three years, with an investment balance exceeding 26 billion, including 29 companies listed as national-level "specialized and innovative" enterprises [1] - The company has underwritten the world's first green bond certified for drone and carbon satellite projects, assisting in the issuance of approximately 2 billion USD in multi-currency green bonds related to the Belt and Road Initiative [1] - Over the past three years, China Galaxy Securities has underwritten inclusive finance-related bonds exceeding 50 billion, with an investment balance nearing 40 billion, and has created the market's first inclusive agricultural ABS with credit protection certificates [2]

Core Points - Qinghai Huzhu Tianyoude Qingke Liquor Co., Ltd. announced the release of 14,500,000 shares from pledge by its controlling shareholder, Qinghai Tianyoude Technology Investment Management Group Co., Ltd. [1] - The released shares represent 7.27% of the controlling shareholder's holdings and 3.03% of the company's total share capital [1] - As of the announcement date, Tianyoude Group holds 199,483,040 shares, accounting for 41.64% of the company, with a total of 68,500,000 shares pledged, which is 34.34% of its holdings and 14.30% of the company's total share capital [1]

Core Viewpoint - The A-share market is experiencing an unprecedented wave of delistings due to major violations, with a record number of companies forced to delist as regulatory scrutiny intensifies [1][5]. Group 1: Regulatory Environment - The new delisting regulations that came into effect at the beginning of the year have led to a historical high of 13 companies reaching the mandatory delisting criteria for major violations as of October 15 [1][5]. - The regulatory environment is becoming increasingly stringent, with the China Securities Regulatory Commission (CSRC) enforcing stricter oversight on financial fraud and other illegal activities [4][6]. Group 2: Role of Investment Banks - Eleven investment banks are under scrutiny for their roles in the delisted companies, with only two, First Capital and Wumart Securities, currently facing regulatory action [2][7]. - The complexity of the investment banks' responsibilities is highlighted by the fact that many of the involved companies frequently changed their advisory firms during periods of fraud [4][9]. Group 3: Case Studies of Delisted Companies - Notable cases include *ST Dongtong, which was involved in fraudulent activities from 2019 to 2022, leading to warnings issued to its sponsor, First Capital [7][8]. - Guandao Digital inflated its revenue by 1.465 billion yuan through fraudulent contracts and invoices, resulting in penalties for Wumart Securities, which served as its sponsor [8]. Group 4: Investment Banks' Due Diligence - Many investment banks provided "no objection" reports during the supervision periods of companies that were later found to have committed fraud, raising questions about their diligence [4][12]. - National Securities was the only firm to explicitly warn of risks associated with a client, indicating a lack of proactive risk management among other firms [12][13]. Group 5: Changes in Oversight Practices - Investment banks are reportedly increasing their efforts in due diligence, particularly during the ongoing supervision phases, in response to heightened regulatory scrutiny [15]. - Accounting firms are also enhancing their audit processes, adding independent review steps and increasing personnel to ensure thorough examinations [15].

Core Viewpoint - China Galaxy Securities has shown a positive stock performance with a year-to-date increase of 22.52% and a recent uptick of 3.31% over the last five trading days, indicating strong market interest and potential growth in the financial services sector [1]. Financial Performance - As of June 30, 2025, China Galaxy reported a net profit of 6.488 billion yuan, representing a year-on-year growth of 47.86% [2]. - The company has cumulatively distributed dividends amounting to 18.494 billion yuan since its A-share listing, with 7.799 billion yuan distributed over the last three years [3]. Shareholder Structure - The number of shareholders decreased by 23.16% to 136,200, while the average number of circulating shares per person increased by 30.53% to 53,536 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 64.7687 million shares, and several ETFs that have adjusted their positions in the company [3]. Stock Market Activity - As of October 16, 2023, China Galaxy's stock price was 18.42 yuan per share, with a trading volume of 5.12 billion yuan and a market capitalization of 201.412 billion yuan [1]. - The stock has seen significant inflows, with net buying from major funds amounting to 48.499 million yuan, indicating strong institutional interest [1]. Business Segmentation - The company's revenue composition includes wealth management (43.11%), investment trading (28.07%), and other integrated services, highlighting a diversified business model [1]. - China Galaxy operates within the non-bank financial sector, specifically in the securities industry, which is characterized by its comprehensive range of services [1].

Core Points - China Galaxy Securities has decided to exercise the redemption option for its perpetual subordinated bonds "20 Galaxy Y1" and will fully redeem them [1][3] - The company completed the issuance of the "20 Galaxy Y1" bonds on November 24, 2020, which included a redemption right for the issuer [2] - The company will ensure proper information disclosure and repayment of principal and interest following the redemption [4] Group 1: Redemption Announcement - The company announced the exercise of the redemption option for the "20 Galaxy Y1" bonds, indicating a full redemption [3] - The bonds were issued with a redemption right that allows the issuer to redeem them at face value plus accrued interest on specified payment dates [2] Group 2: Short-term Financing Bond Issuance - The company successfully issued its 24th short-term financing bond on October 15, 2025, with details published on various financial websites [6] Group 3: Shareholders' Meeting Notification - The company will hold its second extraordinary general meeting of shareholders on October 31, 2025, with both on-site and online voting options available [8][10] - The meeting will discuss several resolutions, including amendments to the company's articles of association and other governance documents [10]