Guosen Securities(SZ:002736) Zheng Quan Zhi Xing·2025-08-11 16:16Core Viewpoint - Guosen Securities Co., Ltd. is set to issue a second tranche of corporate bonds aimed at professional investors, with a total face value of up to 30 billion RMB, following approval from the China Securities Regulatory Commission [1][2]. Group 1: Bond Issuance Details - The bond issuance will be conducted in a phased manner, with the bond code "524180" and a maturity of three years, from March 19, 2025, to March 19, 2028 [2][10]. - The bonds will be issued at a face value of 100 RMB each, with a fixed interest rate of 2.17%, calculated annually using simple interest [10][11]. - The total amount of the bond issuance is capped at 30 billion RMB, and the issuance price will be determined through a book-building process [10][11]. Group 2: Investor Participation - Only professional institutional investors with valid A-share accounts at the China Securities Depository and Clearing Corporation are eligible to participate in the bond issuance, excluding individual investors [2][12]. - The minimum subscription amount for participating investors is set at 10 million RMB, which must be in multiples of 10 million RMB [17][18]. - The bond issuance will not incur any commission or transfer fees for investors [19]. Group 3: Financial Metrics and Ratings - The issuer's net assets attributable to shareholders amount to 120.23 billion RMB, with an average annual distributable profit of 6.91 billion RMB over the last three fiscal years [2][10]. - The bond has been rated AAA, with a stable outlook, consistent with the issuer's credit rating [10][11]. Group 4: Trading and Listing - The bonds will be listed on the Shenzhen Stock Exchange, and trading will be limited to professional institutional investors [3][11]. - The final issuance price will be announced on August 12, 2025, prior to the start of the subscription period on August 13, 2025 [11][16].