Group 1 - The company issued perpetual subordinated bonds (third phase) aimed at professional investors, with interest payments scheduled for August 11, 2025, covering the period from August 11, 2024, to August 10, 2025 [1][2] - The bond has a coupon rate of 3.48%, with each unit (face value of 1,000 yuan) yielding 34.80 yuan in interest (tax included), resulting in a net interest of 27.84 yuan for individual and mutual fund holders after tax deductions [2][3] - The bond's credit rating is AAA with a stable outlook, ensuring investor confidence in the company's financial stability [1][2] Group 2 - The interest payment will be processed through China Clearing Shenzhen Branch, which will receive the funds two trading days prior to the payment date [2][3] - Tax obligations for individual bondholders include a 20% personal income tax on interest income, which will be withheld at the time of payment [3] - Foreign institutional investors are exempt from corporate income tax and value-added tax on bond interest income until December 31, 2025 [3]

中信建投（601066）证券(06066)公布，将于2025年8月8日至2025年8月11日发行中信建投证券股份有限 公司2025年面向专业投资者公开发行永续次级债券(第五期)。本期债券发行规模不超过30亿元(含30亿 元)，票面金额为100元，按面值平价发行。募集资金拟全部用于偿还到期或回售的公司债券本金。 ...

Group 1 - Guosen Securities announced the extension of the book-building time for its perpetual subordinated bonds (third phase) aimed at professional investors, originally scheduled for July 9, 2025, due to significant market fluctuations [1] - The issuance scale of this bond is not to exceed 20 billion yuan, with approval from the China Securities Regulatory Commission [1] - The extension of the book-building time may reflect market demand for perpetual subordinated bonds or fluctuations in interest rate expectations, necessitating further observation of the issuance results and market reactions [1] Group 2 - Perpetual subordinated bonds have no fixed maturity date and can be counted as equity, typically used to supplement the capital of financial institutions [1] - The purpose of this issuance is to optimize the capital structure and enhance risk resistance capabilities of Guosen Securities [1] - Market participants believe that extending the book-building time may be to fully gather investor intentions and ensure a smooth issuance process [1]

Core Viewpoint - The issuer, Guo Xin Securities Co., Ltd., is set to publicly issue perpetual subordinated bonds (Phase III) with a total face value of up to 40 billion RMB, aimed at professional investors only [1][2][3]. Group 1: Issuance Details - The total issuance scale of the bonds is capped at 40 billion RMB, including the full amount [1][9]. - The bonds will be issued in phases, with the current phase referred to as "25 Guo Zheng Y3" [1][9]. - The bonds are rated AAA, indicating a stable outlook [2][18]. Group 2: Financial Metrics - As of March 2025, the issuer's consolidated net assets amount to 1,202.30 billion RMB, with a consolidated debt-to-asset ratio of 70.98% [2][18]. - The average distributable profit over the last three fiscal years is 69.11 billion RMB, with net profits of 60.88 billion RMB, 64.27 billion RMB, and 82.17 billion RMB for 2022, 2023, and 2024 respectively [2][18]. Group 3: Bond Characteristics - The bonds will have a face value of 100 RMB and will be issued at par [10]. - The initial coupon rate for the first five interest periods will be determined based on the average yield of 5-year government bonds published five working days prior to the issuance [10][11]. - The issuer has the option to extend the bond term for one repricing cycle (5 years) or fully redeem the bonds at the end of each cycle [12][17]. Group 4: Subscription Process - The bonds are exclusively available to professional institutional investors, with a minimum subscription amount of 10 million RMB [16][24]. - The subscription period is set for July 10 and July 11, 2025, with the final coupon rate to be announced on July 9, 2025 [19][24]. - Investors must submit their subscription applications through a designated system, and any failure to pay by the deadline will be treated as a default [25][24].