Core Insights - Minsheng Securities successfully issued a non-public offering of short-term corporate bonds amounting to 1.5 billion yuan, with a one-year maturity and a record low interest rate of 1.80% [1][2] - The bond issuance reflects market recognition of the successful integration of Guolian Minsheng, with a significant narrowing of credit spreads between parent and subsidiary bonds [1][2] - The successful bond issuance supports Minsheng Securities' ability to finance at lower costs, enhancing its market competitiveness and aiding in the smooth advancement of business integration [1][2] Summary by Sections Bond Issuance Details - The bond issuance totaled 1.5 billion yuan with a subscription multiple of 2.83 times, achieving the lowest interest rate for a one-year bond in its history [1] - The interest rate was approximately 10 basis points lower than comparable existing bonds on the issuance date [1] Credit Rating and Market Confidence - Minsheng Securities' credit rating has been upgraded from AA+ to AAA following the successful integration with Guolian Group, leading to a gradual decrease in bond issuance rates [2] - The successful bond issuance demonstrates investor confidence in the new structure of "Guolian Minsheng" and supports the company's goals in various financial sectors [2] Operational Synergy and Future Prospects - The bond issuance was a collaborative effort across different business lines and subsidiaries, showcasing the integration of resources and operational synergy [2] - This successful issuance lays a solid foundation for future resource integration and business collaboration, enhancing the company's comprehensive financial service capabilities [2]