Group 1 - Guosen Securities announced the extension of the book-building time for its perpetual subordinated bonds (third phase) aimed at professional investors, originally scheduled for July 9, 2025, due to significant market fluctuations [1] - The issuance scale of this bond is not to exceed 20 billion yuan, with approval from the China Securities Regulatory Commission [1] - The extension of the book-building time may reflect market demand for perpetual subordinated bonds or fluctuations in interest rate expectations, necessitating further observation of the issuance results and market reactions [1] Group 2 - Perpetual subordinated bonds have no fixed maturity date and can be counted as equity, typically used to supplement the capital of financial institutions [1] - The purpose of this issuance is to optimize the capital structure and enhance risk resistance capabilities of Guosen Securities [1] - Market participants believe that extending the book-building time may be to fully gather investor intentions and ensure a smooth issuance process [1]