Group 1 - The core point of the article is that China Galaxy (06881.HK) has completed the public issuance of its 2026 perpetual subordinated bonds (second phase) on March 12, 2026, with a total issuance scale of RMB 5 billion [1] - The bonds are priced at RMB 100 per unit and have a re-pricing cycle of five years, allowing the company to extend the bond term or redeem it at the end of each cycle [1] - The initial coupon rate for the first re-pricing period (the first five interest years) is set at 2.25% [1] Group 2 - The funds raised from this bond issuance will be used to repay the principal of maturing corporate bonds [1]