Zheng Quan Zhi Xing·2025-08-26 16:56Core Viewpoint - The company, GF Securities Co., Ltd., is set to publicly issue short-term corporate bonds (the eighth phase) aimed at professional investors, with a total issuance scale not exceeding 50 billion RMB [3][10]. Group 1: Issuance Details - The bonds will have a face value of 100 RMB per bond and a total issuance quantity not exceeding 500 million bonds [3][10]. - The bonds are intended solely for professional institutional investors, excluding individual investors from both ordinary and professional categories [3][10]. - The bonds will be issued at a fixed interest rate, determined through a book-building process, with the interest rate range set between 1.20% and 2.20% [16][10]. Group 2: Financial Metrics - The issuer's asset-liability ratio stands at 76.62%, with an average net profit of 79.29 million RMB, 69.78 million RMB, and 96.37 million RMB over the last three accounting years [3][10]. - The bonds are expected to have sufficient average distributable profits to cover at least one year's interest payments, in compliance with the Securities Law [3][10]. Group 3: Trading and Listing - The bonds will be listed on the Shenzhen Stock Exchange, with trading methods including matching transactions, negotiated transactions, and inquiry transactions [3][10]. - The issuer cannot guarantee that the bonds will be listed as planned, and if not, investors have the right to sell the bonds back to the issuer before listing [3][10]. Group 4: Subscription Process - The subscription period for the bonds is set for two trading days, from August 28, 2025, to August 29, 2025 [20][22]. - The minimum subscription unit for each professional institutional investor is set at 10 million RMB, and subscriptions must be in multiples of 10 million RMB [20][22]. Group 5: Use of Proceeds - The proceeds from the bond issuance will be used to repay maturing short-term corporate bonds after deducting issuance costs [13][10].