Sou Hu Cai Jing·2026-01-20 18:53Core Viewpoint - Guangfa Securities has received approval from the China Securities Regulatory Commission (CSRC) to issue perpetual subordinated bonds totaling up to 20 billion yuan, indicating a strategic move to strengthen its capital structure and financial flexibility [1][4]. Group 1: Trading Information - On January 20, 2026, Guangfa Securities closed at 22.77 yuan, up 1.52%, with a turnover rate of 1.0%, trading volume of 588,800 shares, and a transaction value of 1.337 billion yuan [1]. - On the same day, the net outflow of funds from major investors was 5.7121 million yuan, while retail investors saw a net inflow of 36.5784 million yuan [4]. Group 2: Company Announcements - Guangfa Securities has been approved to publicly issue perpetual subordinated bonds with a total face value not exceeding 20 billion yuan, with the approval valid for 24 months from the date of registration [1][4]. - The company plans to issue its first phase of short-term corporate bonds in 2026, with a scale not exceeding 3 billion yuan, a term of 365 days, and the proceeds intended for repaying maturing short-term corporate bonds [1][2][4]. - The short-term bonds will be issued only to professional institutional investors, with a credit rating of A-1 and a stable outlook, reflecting the company's strong competitive position and financial service capabilities [2].