Zheng Quan Zhi Xing·2025-08-14 11:18Core Viewpoint - The company, GF Securities Co., Ltd., is set to issue a new tranche of subordinated bonds, specifically the third phase of its public offering aimed at professional investors, with a total issuance amount not exceeding 30 billion RMB [3][4]. Group 1: Bond Issuance Details - The new tranche of subordinated bonds will have a face value of up to 30 billion RMB, with a fixed interest rate of 1.85% and a maturity period of 3 years [3][4]. - The issuance is a continuation of the previously issued subordinated bonds, maintaining the same terms as the existing bonds [3][4]. - The bonds will be rated AAA, indicating a strong credit quality, and the issuer's net assets were reported at 155.705 billion RMB as of March 2025 [4][17]. Group 2: Subscription and Trading - The bonds will be available for subscription only to professional institutional investors, with a minimum subscription unit of 10 million RMB [4][23]. - The pricing for the bonds will be determined through a book-building process, with a subscription price range set between 98.800 RMB and 101.600 RMB [19][23]. - The subscription period is scheduled from August 18, 2025, to August 19, 2025, with the final issuance price to be announced on August 15, 2025 [17][22]. Group 3: Financial Performance - The average annual net profit attributable to the parent company over the last three fiscal years was reported at 8.181 billion RMB, with specific figures of 7.929 billion RMB, 6.978 billion RMB, and 8.181 billion RMB for the years 2022, 2023, and 2024 respectively [4][17]. - The company's consolidated debt-to-asset ratio was reported at 75.92%, indicating a high level of leverage [4][17].