Group 1 - The issuer, Shanxi Securities Co., Ltd., is set to publicly issue technology innovation corporate bonds (Phase 1) aimed at professional investors, with a total issuance limit of up to 7 billion RMB [2][12] - The bonds will be issued in a phased manner, with the first phase referred to as "25 Shan Zheng K1" and the bond code being "524290" [2][11] - The bonds will be priced at 100 RMB per bond, and individual investors are excluded from participating in the subscription [2][12] Group 2 - The issuer's latest net assets as of March 31, 2025, were reported at 18.516 billion RMB, with a debt-to-asset ratio of 66.07% [3] - The average annual distributable profit for the last three accounting years was 635 million RMB, indicating a strong financial position [3] - The bonds will not be rated, and the final coupon rate will be determined based on the results of the offline rate inquiry conducted on May 29, 2025 [3][15] Group 3 - The bonds are exclusively available to institutional professional investors, and any transactions by individual investors will be deemed invalid [12][18] - The minimum subscription amount for each professional institutional investor is set at 10 million RMB, with increments of 10 million RMB thereafter [18] - The funds raised will primarily be allocated to technology innovation projects or used to replace related expenditures incurred in the past 12 months [12][18]