Core Points - The company announced the issuance results of the third phase of subordinated bonds by Shenwan Hongyuan Securities Co., Ltd., targeting professional investors, with a total issuance amount of up to RMB 20 billion approved by the China Securities Regulatory Commission [1] - The third phase of subordinated bonds was completed on December 8, 2023, with an issuance scale of RMB 1.6 billion, a maturity of 5 years, and a coupon rate of 3.35% [1] - The follow-up issuance of these bonds was completed on October 16, 2025, with an issuance scale of RMB 2.9 billion and an issuance price of 106.194 yuan [2] Summary by Sections - **Issuance Approval**: The company received approval from the China Securities Regulatory Commission to issue subordinated bonds totaling up to RMB 20 billion [1] - **Initial Issuance Details**: The initial issuance of the third phase of subordinated bonds amounted to RMB 1.6 billion, with a 5-year term and a coupon rate of 3.35% [1] - **Follow-up Issuance Details**: The follow-up issuance was completed with a scale of RMB 2.9 billion and an issuance price of 106.194 yuan, with plans for listing on the Shenzhen Stock Exchange [2]