Core Viewpoint - Guangfa Securities has received approval from the China Securities Regulatory Commission to publicly issue subordinate bonds totaling up to RMB 20 billion, with the fourth phase of bonds set to raise up to RMB 3 billion [1] Group 1: Bond Issuance Details - The issuance scale for the fourth phase of subordinate bonds is capped at RMB 3 billion, with a face value of RMB 100 per bond [1] - The issuance period is scheduled from October 16 to October 17, 2025, with a maturity of 3 years [1] - The final coupon rate for the bonds is set at 2.20%, and the subscription multiple reached 1.89 times [1]

Core Points - Guangfa Securities has received approval from the China Securities Regulatory Commission to publicly issue subordinated bonds not exceeding RMB 20 billion [1] - The fourth phase of subordinated bonds for professional investors will have a maximum issuance scale of RMB 3 billion, with a final coupon rate of 2.20% [1] - The issuance period for the bonds is set from October 16 to October 17, 2025, with a subscription multiple of 1.89 times [1]

Core Points - Guangfa Securities has received approval from the China Securities Regulatory Commission to publicly issue subordinate bonds not exceeding RMB 20 billion [1] - The fourth phase of subordinate bonds for professional investors will have a total issuance scale of up to RMB 3 billion, with a final coupon rate of 2.20% [1] - The issuance period for these bonds is from October 16 to October 17, 2025, with a subscription multiple of 1.89 times [1]