Core Viewpoint - The report discusses the issuance of subordinate corporate bonds by Great Wall Securities Co., Ltd. aimed at professional investors, detailing the management of these bonds by Nanjing Securities Co., Ltd. and the recent resignation of the company's president and financial officer, Li Xiang [1][2][3]. Group 1: Bond Issuance - Great Wall Securities is set to issue subordinate corporate bonds in 2024 and 2025, with specific bond codes provided for each issuance [1]. - The bonds include varieties such as 2024 Phase I and II, and 2025 Phase I, all aimed at professional investors [2]. Group 2: Management Changes - Li Xiang, the president and financial officer of Great Wall Securities, submitted his resignation on July 17, 2025, due to personal reasons, effective immediately upon delivery of the resignation letter [2]. - Following Li Xiang's resignation, the board appointed Vice President Zhou Zhongshan to temporarily assume the roles of president and financial officer until a new appointment is made [2]. Group 3: Trustee Management Responsibilities - Nanjing Securities, as the trustee for the bonds, is responsible for ensuring compliance with relevant regulations and monitoring the issuer's disclosures regarding significant matters affecting bondholders [3]. - The trustee will continue to oversee the situation and ensure that the issuer adheres to information disclosure requirements [3].