Core Points - The announcement details the issuance results of subordinated bonds by Shenwan Hongyuan Securities Co., Ltd. for professional investors, with a total issuance amount of up to RMB 20 billion approved by the China Securities Regulatory Commission [1] - On November 13, 2025, the company successfully completed the issuance of the second phase of subordinated bonds, totaling RMB 2.5 billion, with two varieties: one with a scale of RMB 1.8 billion and a 3-year term at a coupon rate of 2.00%, and another with a scale of RMB 0.7 billion and a 5-year term at a coupon rate of 2.15% [1] Summary by Sections - **Issuance Approval**: Shenwan Hongyuan Securities Co., Ltd. was granted approval to issue subordinated bonds totaling up to RMB 20 billion for professional investors [1] - **Issuance Completion**: The second phase of the bond issuance was completed on November 13, 2025, with a total issuance of RMB 2.5 billion [1] - **Bond Details**: The bonds consist of two varieties: one for RMB 1.8 billion with a 3-year term and a 2.00% coupon rate, and another for RMB 0.7 billion with a 5-year term and a 2.15% coupon rate [1]