China Galaxy Securities completes first tranche of RMB5bn perpetual bond issuance

China Galaxy Securities Co. Ltd. announced the completion of its public issuance of 2025 perpetual subordinated bonds (first tranche) on September 18, 2025. This issuance, approved by shareholders and the China Securities Regulatory Commission, has an issue size of RMB5 billion at RMB100 per unit. The proceeds will be used to repay matured corporate bonds.

The perpetual subordinated bonds feature an interest reset mechanism every five interest-accruing years, at which point the company has the option to extend the term for another five years or redeem the bonds in full. The initial coupon rate for the first five interest-accruing years is set at 2.40%. This issuance is part of a broader authorization allowing the board to issue debt financing instruments up to 350% of the company's latest audited net assets, with a total nominal amount not exceeding RMB20 billion for professional investors.

Several underwriters and their related parties participated in the subscription, including CITIC Securities Company Limited and CITIC Trust Co. Ltd., China CICC Wealth Management Securities Company Limited, Fullgoal Fund Management Co. Ltd., and Bank of Communications International Trust Co. Ltd. No directors, supervisors, senior management, shareholders with over 5% stake, or other related parties of the company participated directly in the subscription.