Group 1 - The core point of the article is that GF Securities (01776) has announced the issuance of short-term corporate bonds totaling up to RMB 20 billion, with regulatory approval obtained from the China Securities Regulatory Commission [1] - The bonds will have a maturity of 211 days, from June 12, 2025, to January 9, 2026, and a coupon rate of 1.64% [1] - The issuance period for these bonds is set from July 28, 2025, to July 29, 2025, with a final issuance price of RMB 100.214 and a subscription multiple of 2.78 times [1] Group 2 - The main underwriter for this bond issuance is Guotai Junan Securities Co., Ltd., with its affiliate, China Foreign Economic and Trade Trust Co., Ltd., participating in the subscription [1] - The final allocation for the affiliate was RMB 50 million, and the pricing was deemed fair and compliant with procedures [1] - Other underwriting institutions and their affiliates did not participate in the subscription [1]