Sou Hu Cai Jing·2025-10-23 14:24Core Points - The core announcement is that China Securities Regulatory Commission has approved China Merchants Securities to publicly issue subordinated bonds totaling up to 30 billion yuan [1] Group 1: Stock Performance - As of October 23, 2025, China Merchants Securities closed at 16.95 yuan, up 0.47% from the previous trading day [1] - The stock opened at 16.88 yuan, reached a high of 16.98 yuan, and a low of 16.71 yuan, with a trading volume of 724 million yuan and a turnover rate of 0.58% [1] Group 2: Bond Issuance - The approved bond issuance is aimed at professional investors, with a total face value not exceeding 30 billion yuan [1] - The approval is valid for 24 months from the date of registration, allowing the company to issue the bonds in tranches during this period [1] - The company is required to adhere to the regulations and disclosure obligations as per the approval and relevant laws [1]