Huan Qiu Lao Hu Cai Jing·2025-10-15 03:36Core Viewpoint - China Galaxy Securities has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue short-term corporate bonds with a face value of up to RMB 15 billion, aimed at strengthening its capital base for business expansion [1] Company Summary - China Galaxy has issued a total of RMB 107.9 billion in bonds this year, with 34 bonds issued to date [2] - The company recently completed a public issuance of perpetual subordinated bonds (Phase I) amounting to RMB 5 billion on September 18 [1] - In the first half of the year, China Galaxy reported a revenue of RMB 13.747 billion, a year-on-year increase of 37.71%, and a net profit attributable to shareholders of RMB 6.488 billion, up 47.86% [3] - The company’s core business performance was strong, with brokerage revenue of approximately RMB 3.65 billion, a 45.3% increase year-on-year, and investment banking revenue of about RMB 320 million, an 18.9% increase [3] - As of June 30, 2025, China Galaxy's total assets reached RMB 781.7 billion, a 6% increase from the beginning of the year, and net capital was RMB 144.1 billion, up 2.6% [3] Industry Summary - The bond issuance by securities firms has significantly increased since 2025, with the total bond issuance in the industry reaching RMB 1.29 trillion, a year-on-year growth of 70.23% [2] - The demand for capital among securities firms has risen due to active market trading and a low-interest-rate environment, with many firms, including Huatai Securities and Guotai Junan, also issuing over RMB 100 billion in bonds [2][3] - The issuance of corporate bonds is favored due to simpler conditions and shorter review periods, allowing firms to quickly meet financing needs [3]