Shang Hai Zheng Quan Bao·2026-01-05 19:28Core Viewpoint - The company plans to issue non-public exchangeable corporate bonds to enhance its financing capabilities and improve capital liquidity, with a total issuance scale not exceeding 4 billion RMB [3][44]. Group 1: Issuance Details - The type of bonds to be issued is exchangeable for A-shares of GF Securities Co., Ltd. [2][42]. - The total scale of the bond issuance will not exceed 40 billion RMB, which can be issued in one go or in tranches [3][44]. - The bonds will have a fixed interest rate and a term of no more than 5 years [4][46]. - Each bond will have a face value of 100 RMB and will be issued at par [5][48]. - The issuance will be conducted through non-public methods, including book-building and agreement-based issuance [6][50]. Group 2: Target Investors and Terms - The target investors for the bond issuance will be professional investors who meet the relevant regulatory requirements, with a maximum of 200 participants [7][52]. - The bonds will pay interest annually without compounding, with the principal and final interest paid at maturity [8][54]. - The initial exchange price for the bonds will not be lower than the closing price of the underlying stock on the trading day prior to the announcement [9][56]. Group 3: Security and Fund Usage - The company will use part of its legally owned A-shares of GF Securities as collateral to ensure timely payment of bond principal and interest [10][58]. - The funds raised from the bond issuance will be used to repay interest-bearing debts and other legally compliant purposes [11][61]. Group 4: Approval and Authorization - The bond issuance plan requires approval from the shareholders' meeting, which is scheduled for January 21, 2026 [20][78]. - The board of directors will be authorized to handle all matters related to the bond issuance, including adjustments to the issuance terms based on market conditions [71][75].