Core Viewpoint - Guangfa Securities has received approval from the China Securities Regulatory Commission to publicly issue subordinated bonds not exceeding RMB 20 billion, indicating a strategic move to enhance its capital structure and funding capabilities [1] Group 1: Bond Issuance Details - The company plans to issue subordinated bonds with a total scale of up to RMB 3 billion, priced at RMB 100 per bond, targeting professional institutional investors through a pricing inquiry and allocation method [1] - The issuance period for the bonds is set from November 18, 2025, to November 19, 2025, with a maturity of 3 years [1] - The final issuance scale reached RMB 2.95 billion, with a coupon rate of 2.00% and a subscription multiple of 2.58 times [1]

Group 1 - The core point of the article is that GF Securities Co., Ltd. is set to issue subordinated bonds aimed at professional investors, with a total issuance scale of 2.95 billion yuan and a coupon rate of 2.00% [1] - The issuance period for the bonds is from November 18, 2025, to November 19, 2025, with a maturity of 3 years [1] - The subscription multiple for the bond issuance is reported to be 2.58 times [1]

Group 1 - The core point of the article is that GF Securities (01776) announced the issuance of subordinated bonds for professional investors, with specific details on the issuance period, scale, and interest rate [1] Group 2 - The issuance period for the subordinated bonds is set from November 18 to November 19, 2025 [1] - The total issuance size is finalized at 2.95 billion yuan [1] - The final coupon rate for the bonds is established at 2.00%, with a subscription multiple of 2.58 times [1]