Group 1 - The core point of the article is that GF Securities (01776) announced the issuance of perpetual subordinated bonds aimed at professional investors, with a total issuance scale not exceeding RMB 3 billion [1] - The bonds, referred to as "26 GF Y1," have a pricing range set between 1.80% and 2.80% [1] - The funds raised from this bond issuance, after deducting issuance costs, are intended to be used for repaying maturing corporate bonds [1]

Core Viewpoint - Guangfa Securities (01776) announced the issuance of perpetual subordinated bonds aimed at professional investors, with a total issuance scale not exceeding RMB 3 billion [1] Group 1: Bond Issuance Details - The bonds are referred to as "26 Guangfa Y1" and are set to have an inquiry range of 1.80% to 2.80% [1] - The funds raised from this bond issuance, after deducting issuance costs, are intended for repaying maturing corporate bonds [1]

Group 1 - The core announcement is that China International Capital Corporation (CICC) is issuing perpetual subordinated bonds aimed at professional investors, with a total issuance size of up to RMB 3 billion (including RMB 3 billion) [1] - The final coupon rate for this bond issuance has been set at 2.30% based on the results of the offline investor inquiry [1]

Core Viewpoint - China International Capital Corporation (CICC) announced the issuance of perpetual subordinated bonds (Phase II) aimed at professional investors, with a total issuance scale not exceeding RMB 3 billion, including RMB 3 billion [1] Group 1 - The final coupon rate for the bonds has been set at 2.30% based on the results of the offline investor inquiry [1]

Core Viewpoint - China International Capital Corporation (CICC) has received approval from the China Securities Regulatory Commission to publicly issue perpetual subordinated bonds up to 20 billion yuan, with the first phase of issuance set at 3 billion yuan [1] Group 1: Bond Issuance Details - The bond issuance is aimed at professional investors and has a total scale of up to 30 billion yuan for the first phase [1] - The coupon rate inquiry range for the bonds is set between 1.90% and 2.90% [1] - The final coupon rate for the bonds has been determined at 2.38% based on investor inquiries conducted by the lead underwriters [1] Group 2: Underwriting and Management - The bonds are underwritten by Huatai United Securities and Industrial Securities [1] - The issuance period for the bonds is scheduled from January 9 to January 12, 2026, targeting professional institutional investors [1]

Core Viewpoint - CITIC Securities (601066) announced the issuance of perpetual subordinated bonds (sixth phase) with a total scale not exceeding 3 billion yuan, with a final coupon rate set at 2.25% [1] Group 1 - The bond issuance is targeted at professional investors and is part of CITIC Securities' strategy to raise capital [1] - The final coupon rate of 2.25% was determined after thorough negotiation and assessment between the issuer and the lead underwriter [1] - The bond is identified by the name "25 Xintou Y6" and the code "244197" [1]

Group 1 - The company, China International Capital Corporation (CICC), announced the issuance of perpetual subordinated bonds aimed at professional investors, with a total issuance size not exceeding RMB 3 billion (including RMB 3 billion) [1] - The final coupon rate for this bond issuance was determined to be 2.23% based on the results of the offline investor inquiry [1]

Core Viewpoint - China International Capital Corporation (CICC) has announced the public issuance of perpetual subordinated bonds totaling up to RMB 20 billion, which has been registered with the China Securities Regulatory Commission [1] Group 1 - The company plans to issue the bonds in phases, with the first phase involving a public issuance of up to RMB 3 billion [1] - The first phase bonds are referred to as "25 CICC Y1" and have a bond code of 244220 [1]

Core Viewpoint - China Galaxy Securities Co., Ltd. has completed the issuance of its 2020 perpetual subordinated bonds (Phase 1), referred to as "20 Galaxy Y1" [1] Group 1: Issuance Details - The issuance of "20 Galaxy Y1" was completed on November 24, 2020 [1] - The bond has a repricing cycle of 5 years, with the issuer having the option to extend the bond for another cycle or redeem it in full at the end of each repricing period [1] Group 2: Issuer's Rights - The bond includes an issuer's extension option, allowing the issuer to extend the bond for one additional repricing cycle at the end of each cycle [1] - The issuer also has a redemption right, which can be exercised on the fifth interest payment date and subsequent payment dates, allowing for redemption at face value plus accrued interest [1] Group 3: Future Actions - On November 24, 2025, which marks the fifth interest payment date and the end of the first repricing cycle, the company has decided not to exercise the extension option and will fully redeem "20 Galaxy Y1" [1]

Core Viewpoint - China Galaxy Securities Co., Ltd. has completed the issuance of its 2020 perpetual subordinated bonds (Phase 1), referred to as "20 Galaxy Y1" [1] Group 1: Issuance Details - The issuance of 20 Galaxy Y1 was completed on November 24, 2020 [1] - The bond has a repricing cycle of 5 years, with the issuer having the option to extend the bond for an additional cycle or redeem it in full at the end of each repricing period [1] Group 2: Redemption and Extension Options - The bond includes an issuer extension option, allowing the issuer to extend the bond for one repricing cycle at the end of each cycle [1] - The issuer also has a redemption right, allowing it to redeem the bond at face value plus accrued interest on the fifth interest payment date and thereafter [1] Group 3: Future Plans - On November 24, 2025, which marks the end of the first repricing period, the company plans to exercise its redemption right and fully redeem the 20 Galaxy Y1 [1]