China Galaxy Securities issues 2025 subordinated bonds

China Galaxy Securities (SSE:601881) has announced the successful completion of its first-phase public offering of subordinated bonds for professional investors in 2025. The offering, authorized by the China Securities Regulatory Commission, had a total registered value not exceeding 20 billion RMB. This initial phase offered up to 6 billion RMB in bonds, split into two tranches: a three-year and a five-year maturity. The three-year tranche saw an issuance of 1.3 billion RMB with a coupon rate of 2.15%, and a subscription multiple of 2.8769. The five-year tranche was issued at 2.1 billion RMB with a coupon rate of 2.25%, and a subscription multiple of 1.9619. Related parties, including China Construction Bank, a related party of lead underwriter China Securities, and China Resources, a related party of Guosen Securities, participated in the offering. The issuance adheres to all relevant laws and regulations.