Core Points - Guangfa Securities announced that it has received notification from its major shareholder, Liaoning Chengda, regarding the completion of a non-public issuance of exchangeable bonds aimed at professional institutional investors [1] - The bonds, referred to as "25 Chengda E1," have a total scale of 1.8 billion yuan, a term of 3 years, and a coupon rate of 0.01% [1] - The initial conversion price is set at 24.58 yuan per share, with the conversion period running from May 5, 2026, to November 3, 2028, with adjustments for holidays [1]