Zheng Quan Shi Bao·2026-01-07 22:14Core Viewpoint - GF Securities is initiating a significant refinancing round to inject capital into its international business, with a total fundraising expected to exceed HKD 6 billion [1] Group 1: Financing Details - The financing will be conducted through a combination of placing new H-shares and issuing convertible bonds, with the total expected net proceeds exceeding HKD 6 billion [2] - The company plans to place 219 million new H-shares at a price of HKD 18.15 per share, and issue zero-coupon convertible bonds totaling HKD 2.15 billion, with an initial conversion price of HKD 19.82 per share [2] - The placement shares will account for approximately 12.87% of the existing issued H-shares, with a discount of about 8.38% compared to the last trading day's closing price [2] Group 2: Use of Proceeds - The net proceeds from the financing will be fully allocated to increase capital for overseas subsidiaries, enhancing their capital strength and risk resistance to support international business development [4] - This move aims to better serve the needs of the real economy and residents' cross-border wealth management [4] Group 3: Strategic Context - The financing is a key step in GF Securities' internationalization strategy, which aligns with the growing demand for Chinese enterprises to "go global" and the encouragement from regulators to build first-class investment banks [1][4] - The company has adopted a strategy combining "internal development and external expansion," gradually establishing a cross-border service network that connects Hong Kong, Southeast Asia, Europe, and the United States [4] - GF Securities has already obtained full business licenses in global securities, investment banking, asset management, and wealth management, positioning itself as a "super interface" connecting domestic and international markets [4] Group 4: Industry Trends - The trend of enhancing international business capabilities among securities firms is being driven by both policy encouragement and market opportunities [6][7] - The China Securities Regulatory Commission has urged securities institutions to improve cross-border financial service capabilities and promote coordinated development of domestic and international businesses [7] - Other firms in the industry, such as China Merchants Securities and Guotai Junan Securities, are also actively pursuing international expansion through capital increases and acquisitions [7]