Guosen Securities(SZ:002736) Zheng Quan Zhi Xing·2025-07-08 12:09Core Viewpoint - The issuer, Guo Xin Securities Co., Ltd., is set to publicly issue perpetual subordinated bonds (Phase III) with a total face value of up to 40 billion RMB, aimed at professional investors only [1][2][3]. Group 1: Issuance Details - The total issuance scale of the bonds is capped at 40 billion RMB, including the full amount [1][9]. - The bonds will be issued in phases, with the current phase referred to as "25 Guo Zheng Y3" [1][9]. - The bonds are rated AAA, indicating a stable outlook [2][18]. Group 2: Financial Metrics - As of March 2025, the issuer's consolidated net assets amount to 1,202.30 billion RMB, with a consolidated debt-to-asset ratio of 70.98% [2][18]. - The average distributable profit over the last three fiscal years is 69.11 billion RMB, with net profits of 60.88 billion RMB, 64.27 billion RMB, and 82.17 billion RMB for 2022, 2023, and 2024 respectively [2][18]. Group 3: Bond Characteristics - The bonds will have a face value of 100 RMB and will be issued at par [10]. - The initial coupon rate for the first five interest periods will be determined based on the average yield of 5-year government bonds published five working days prior to the issuance [10][11]. - The issuer has the option to extend the bond term for one repricing cycle (5 years) or fully redeem the bonds at the end of each cycle [12][17]. Group 4: Subscription Process - The bonds are exclusively available to professional institutional investors, with a minimum subscription amount of 10 million RMB [16][24]. - The subscription period is set for July 10 and July 11, 2025, with the final coupon rate to be announced on July 9, 2025 [19][24]. - Investors must submit their subscription applications through a designated system, and any failure to pay by the deadline will be treated as a default [25][24].