Northeast Securities plans CNY 700m subordinated bond issue

Northeast Securities (SZSE: 000686) plans to issue up to CNY 700 million (approximately USD 96.45 million) in subordinated bonds in the second phase of its 2025 offering to professional investors. These bonds, rated AA+ by United Credit Ratings, will have a three-year term. The proceeds, net of issuance costs, will be used to repay company bonds with maturities of one year or longer and to replenish working capital. As of September 30, 2024, Northeast Securities reported net assets of CNY 19.18 billion and a debt-to-asset ratio of 68.96%. The offering is underwritten by Great Wall Securities.