China Galaxy Securities completes 3rd tranche of 2025 corporate bond issuance

China Galaxy Securities Co., Ltd. announced the successful completion of its 2025 non-public corporate bonds (tranche 3) issuance. Authorized on September 18, 2025, the overall program has an approved scale of up to RMB200 billion. This third tranche, capped at RMB50 billion, was divided into two varieties.

Variety one, with a 2-year term, raised RMB3.7 billion at a final coupon rate of 1.92%, achieving a subscription multiple of 2.4108 times. Variety two, a 3-year term bond, successfully issued RMB1.3 billion at a final coupon rate of 1.97% with a subscription multiple of 3.4769 times. The issuance was priced at RMB100 per bond and utilized a book-building method for professional investors.

The announcement further disclosed participation from associated parties. Underwriter Guoxin Securities subscribed to RMB0.1 billion of variety one and RMB0.5 billion of variety two. Southern Asset Management, an affiliate, acquired RMB1.2 billion of variety one and RMB0.6 billion of variety two. Additionally, CITIC Trust, an affiliate of underwriter CITIC Securities, purchased RMB5.6 billion of variety one and RMB0.4 billion of variety two. Fund manager Fullgoal Fund, an affiliate of underwriter Shenwan Hongyuan Securities, bought RMB1 billion of variety one and RMB0.5 billion of variety two.