Zheng Quan Zhi Xing·2025-08-14 11:18Core Viewpoint - The company, GF Securities Co., Ltd., is issuing a public offering of subordinated bonds (Phase III) aimed at professional investors, with a total issuance amount not exceeding 30 billion yuan, and the bonds are rated AAA with a stable outlook [1][5][17]. Group 1: Issuance Details - The total issuance amount for the subordinated bonds is capped at 30 billion yuan, and the bonds will be issued in phases within 24 months from the approval date by the China Securities Regulatory Commission (CSRC) [4][17]. - The bonds have a term of 3 years, with a coupon rate of 1.85%, and the issuance price will be determined through book-building [17][19]. - The proceeds from the bond issuance will be used to repay maturing corporate bonds [17][18]. Group 2: Financial Condition - As of March 2025, the company's consolidated net assets amounted to 155.705 billion yuan, with an average net profit of 79.29 million yuan, 69.78 million yuan, and 96.37 million yuan for the years 2022, 2023, and 2024 respectively [5]. - The company has maintained a strong credit rating of AAA, indicating a robust ability to repay debts and a low risk of default [5][27]. Group 3: Regulatory Compliance - The bond issuance complies with various regulations, including the Company Law and the Securities Law of the People's Republic of China, ensuring that the information disclosed in the offering document is accurate and complete [1][2]. - The lead underwriter, Dongfang Securities Co., Ltd., has confirmed the accuracy of the offering document and assumes legal responsibility for its content [2][9]. Group 4: Investor Protection - The bonds will be issued only to professional institutional investors, and individual investors are excluded from participating in the issuance [7][8]. - The company has established a bondholders' meeting rule to protect the rights of bondholders, ensuring that decisions made by the meeting are binding on all bondholders [8][19].