Core Viewpoint - China Galaxy Securities Co., Ltd. has completed the issuance of its 2020 perpetual subordinated bonds (Phase 1), referred to as "20 Galaxy Y1" [1] Group 1: Issuance Details - The issuance of "20 Galaxy Y1" was completed on November 24, 2020 [1] - The bond has a repricing cycle of 5 years, with the issuer having the option to extend the bond for another cycle or redeem it in full at the end of each repricing period [1] Group 2: Issuer's Rights - The bond includes an issuer's extension option, allowing the issuer to extend the bond for one additional repricing cycle at the end of each cycle [1] - The issuer also has a redemption right, which can be exercised on the fifth interest payment date and subsequent payment dates, allowing for redemption at face value plus accrued interest [1] Group 3: Future Actions - On November 24, 2025, which marks the fifth interest payment date and the end of the first repricing cycle, the company has decided not to exercise the extension option and will fully redeem "20 Galaxy Y1" [1]