GF Securities' borrowings exceed 20% of last year's net assets

GF Securities announced that its cumulative new borrowings for 2025 have exceeded 20% of the company's net assets at the end of the previous year. As of December 31, 2024, GF Securities' audited net assets stood at CNY 1,530.85 billion, with total borrowings of CNY 3,930.31 billion. By March 31, 2025, the company's borrowings had risen to CNY 4,467.78 billion, representing a cumulative increase of CNY 537.47 billion, or 35.11% of the net assets at the end of 2024. The increase is mainly attributed to a rise in interbank lending and repurchase agreements. While bank loans decreased by CNY 18.29 billion, corporate bonds and similar instruments increased by CNY 102.50 billion. The company affirmed that the increased borrowing aligns with business operations and will not adversely affect its solvency.